Phoenix Real Estate Housing Market Report - May 2021
Days on market for Phoenix homes went down for the third straight month to a new all-time low of 23 DOM.
The number of new listings decreased from 1,880 to 1,696 in May, but they are still 13.8% higher than May of last year. The number of active Phoenix listings barely increased from 2,813 to 2,817, but they are down -26.2% from May of last year.
The lack of listings continues to drive demand and home prices higher, so if the number of Phoenix listings continues to be less than in previous years, expect home values in Phoenix to continue to increase.
With that said, median home values in Phoenix have increased an average of 31.0% since May of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase Phoenix homes in 2021.
For more detailed stats on the Phoenix Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.