Closed residential sales in greater Phoenix rose nearly 14% in November compared to last year, with listings climbing 13.5% over the majority of 2024, according to Phoenix REALTORS data.
“More than 4,000 families claimed their next homes in November. It’s an encouraging statistic,” said Sheryl Bowden, board president of Phoenix REALTORS. “With the lower interest rates and the increase in housing choices, buyers have much more opportunity than just a few months ago.”
Although November saw more pending sales close during the month, the year-to-date comparison is down slightly – 2.5%, compared to the same 11-month period last year. So far this year, the days a house spends on the market are on par with 2023’s year-to-date number, holding at 65 days.
The 11-month median sales price continues to rise in greater Phoenix, now $475,000 for a single-family home, up from $460,000 in 2023.
“One trend we’re seeing so far this year is a shift in housing affordability,” Bowden said. “The numbers aren’t big, but the index shows that more area families are able to afford a home than at the same time last year. The drop in interest rates has helped significantly.”
With the increase in listings, there are now more than 18,500 homes for sale in greater Phoenix.
November 2024 Single-Family Real Estate Market Numbers
*Percent change is year over year for the indicated month.
Queen Creek
New Listings: 125 (-16.1%)
Pending sales: 91 (- 2.2%)
Closed sales: 105 (+ 7.1%)
Days on Market Until Sale: 96 (+ 43.3%)
Median Sales Price: $704,000 (+ 8.3%)
Average Sales Price: $789,396 (+6.5%)
Percent of List Price Received: 98.7% (0.0%)
Inventory of Homes for Sale: 532 (+ 8.6%)
Months Supply of Inventory: 4.1 (+ 13.9%)
San Tan Valley
Listings skyrocketed 38.8%, while closed sales jumped 17.2%, comparing San Tan Valley 2024 year-to-date data with the prior year. The median sales price for a single-family home rose less than 4% to $421,000. While most of the metro area saw decreases in pending sales data, San Tan Valley had a 14.1% increase over 2023’s year-to-date data.
Pinal County
Fast-growing Pinal County showed a substantial 18.8% increase in closed sales in November. The median home pricing rose to $376,000. Seen as an affordable place for homebuying, pricing is about $100,000 lower than the overall metro area, and well below Maricopa County’s of $509,000. Listings grew by 11,290, up 17.2% compared to the same year-to-date data from 2023.
