Phoenix AZ Real Estate Market Update: April 2023

The Phoenix real estate market is booming and it’s a great time to consider buying a home in Arizona. As of April 14th, 2023, the market is showing some interesting trends that anyone considering buying or selling a home in the area should be aware of.

(If you would rather just watch the video, you can do that right below. Otherwise, keep reading).

First and foremost, it’s important to note that the Phoenix real estate market is still a seller’s market, with a median price per square foot of $268. While this is down 6.6% from the same time last year, it’s still a great time to sell your home in Arizona. However, if you’re thinking about buying a home in Arizona, it’s important to be prepared to act fast and make a competitive offer.

If you’re moving to Arizona and looking to buy a home in the Phoenix area, you’ll find that the market is especially hot in the $100,000 to $200,000 price range, with a supply of only 1.16 months. This means that homes in this price range are selling very quickly, often with multiple offers and bidding wars. To be successful in this market, it’s important to work with a knowledgeable real estate agent who can help you navigate the buying process and make a competitive offer.

For those who are looking to buy a home in the $200,000 to $500,000 price range, the market is still hot but not quite as intense. With a supply of 1.01 months, you’ll still need to act fast to secure the home of your dreams, but you may not face the same level of competition as you would in the lower price ranges.

In the $500,000 to $1 million price range, the market is still a seller’s market with a supply of 2.7 months. This means that homes in this price range are still selling quickly, often with multiple offers, but buyers may have a little more time to consider their options and make a decision.

If you’re looking to buy a luxury home in Arizona with a price tag of over $1 million, the market is still competitive but not quite as intense. With a supply of 3.3 months, buyers will need to be prepared to make a competitive offer, but they may not face the same level of competition as they would in the lower price ranges.

It’s also worth noting that the median days on the market has increased by 150% from last year, but this is largely due to the fact that many deals were done with cash and didn’t require appraisals or inspections. In reality, a home that is priced appropriately and marketed well should still sell relatively quickly.

Overall, the Phoenix real estate market is still hot, and it’s a great time to consider buying a home in Arizona. Whether you’re looking for a starter home or a luxury property, the market offers something for everyone. However, it’s important to work with a knowledgeable real estate agent who can help you navigate the market and make a competitive offer.

If you’re thinking about moving to Arizona and buying a home in the Phoenix area, don’t hesitate to reach out to Dusti Martin with the Martin Group at Platinum Living Realty. With years of experience in the local market, Dusti can help you find the perfect home for your needs and budget. Contact her today at 480-717-9405 or visit her website at dustimartinrealtor.com.

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Moving to AZ or wanting to search homes for sale in Phoenix now? Start here: https://dustimartinrealtor.com/listing

Ready to Sell your home in the Phoenix area? Start here: https://dustimartinrealtor.com/sell

Wondering what your home in Phoenix, AZ would sell for right now? Request a free home valuation here: https://dustimartinrealtor.com/evaluation

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