Phoenix Market Updates for May 2024

A closer look at the numbers for Phoenix, Arizona’s spring market update.

Are you gearing up to buy a home in Phoenix, Arizona? If so, you need to know the latest market updates in the area. Whether you’re planning to buy a property sooner or later, having reliable information about the market will help you make better and wiser decisions. After all, you won’t buy a home every day, so make sure you get this one right so you don’t regret it years later. That’s why I’m here today to give you a comprehensive spring market analysis of Phoenix real estate. 

Feel free to watch the complete video or use the timestamps below to browse through the topics that interest you the most: 

0:00 — Introducing today’s topic

0:33 — The market has shifted into a balanced market

0:49 — Defining a seller’s market

1:26 — Defining a buyer’s market

1:40 — Increase in listings

2:24 — Decrease of listings under contract

2:35 — Median sales price monthly increase

3:03 — Closed sales

3:15 — Increased median days before accepted contract

3:41 — Days of supply

4:11 — The real estate market is changing

4:23 — The Cromford Report

4:58 — Risks of waiting for interest rates to drop

8:27 — Home prices keep going up 

8:57 — Annual median sales price 

10:11 — Refinance when rates come down

10:56 — Wrapping up 

12:01 — Contact me 

Buying a home is a big decision which is why you need the right information to help you plan your home-buying journey better. If you have any questions, please feel free to reach out today. Just call (602) 909-5994 or send an email to [email protected]. You may also visit our website at for more information. I look forward to talking with you!

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