As of September 2024, the Phoenix housing market is showing mixed signals. While home prices continue to rise, the pace of sales has slowed. The median sales price for homes in Phoenix is around $477,000, reflecting moderate growth compared to previous years. Inventory has increased by nearly 50% from last year, providing more options for buyers, but higher interest rates have made purchasing more expensive, causing some hesitancy among potential buyers.
Notably, areas like Scottsdale and the Southeast Valley have seen stronger price growth, with median prices in Scottsdale jumping 11% compared to last year. Overall, while prices are still rising, the market is experiencing fewer transactions and slower turnover in some areas
