Phoenix AZ Real Estate Housing Market Report - November 2021
After reaching a record low of 23 days on market in May and June, days on market for Phoenix homes has increased for the fifth straight month, and is now up to 32 DOM for November.
After reaching a 2021 high of 1,888 new listings in June, the number of new listings has dropped in four of the last five months. It took a significant decrease this last month, going from 1,701 in October down to 1,446 for November. Even with this significant drop, the number of new Phoenix listings are now 3.2% higher than in November of last year (November and December always see a large decline in new listings, and the decline this year was a lot less than in 2020). After increasing for seven straight months, the number of active Phoenix listings decreased in November, going from 2,353 in October, to 2,286 this month, and they are now down -11.8% from November of 2020.
The lack of listings continues to drive demand and home prices higher. As long as listings continue to be less than in previous years, and demand remains high, expect home values in Phoenix to continue to increase.
With that said, median home values in Phoenix have increased an average of 27.1% since November of 2020. With interest rates remaining just above 3.0%, there will still be more buyers looking to purchase Phoenix homes through the remainder of this year.
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.