The Phoenix housing market is showing balanced conditions with stable prices and moderate inventory levels. Home prices have increased 3.3% in the past month alone. With 3.9 months of supply, Phoenix's inventory levels remain relatively tight. Homes are taking about 50 days to sell, which is 8 days longer than this time last year. A significant 36.6% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 16.6% of homes sold above list price, indicating some competitive segments within the market. With an affordability index of 1.7, Phoenix offers relatively good value compared to other major markets. Looking ahead, the Phoenix market is expected to maintain its current trajectory with relatively stable conditions.
Phoenix, AZ has a total population of 2,762,911 residents. White residents make up 41.0% of the population, with a significant Hispanic/Latino community (23.8%). This creates a relatively diverse demographic makeup for the area. As a large population center, Phoenix, AZ offers diverse community resources and amenities.
Market predictions for Phoenix, AZ show an upward trend in home prices, with values increasing by 9.6%. This indicates a moderate but notable price trend. The current median home price in Phoenix, AZ is approximately $517,153.896. Based on current trends, home prices in Phoenix, AZ are expected to continue appreciating, making it an attractive market for sellers and long-term investors.
Phoenix, AZ features 14 investment hotspots with varying levels of activity. The average nightly rate of $150 suggests an affordable market for travelers. The average rating of 3.8/5 indicates moderate guest satisfaction. With an average hotspot score of 0.76, these areas show good investment opportunities. The area is well-developed with 152 hotels, indicating established tourism infrastructure.
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