Phoenix Housing Market June 2023
Quick update on the Greater Phoenix real estate market. The lack of homes for sale is driving the market. The number of homes for sale is down 32% since January. The number of homes for sale under $600,000 have fallen 41% since January.
This low supply is being caused by fewer homeowners selling. The number of homes listed for sale has been lower every month this year than the corresponding month in 2022 and 2021. In May 38% fewer homes came on the market than May of 2022.
This has caused the average sale price per square foot rise in the valley since January from $271 to $293.
Some neighborhoods' average sale price have risen 20% and others have remained flat. To find out what is happening in your neighborhood let’s connect.