Luxury Market Update: Phoenix, Arizona

[Jared Smith]

Hi All!

As we kicked off 2022 – the median sales price for luxury homes in the Phoenix Area alone increased from $1.04 MILL in January 2021 to $1.1 MILL in January 2022 and the average days on market is only 34 days – keeping steady the seller’s market.

Only 122 new listings and we are witnessing the strongest luxury market in US history. I will expect this to only continue as PHX was named Realtor.com’s #19 out of 20 top housing markets with Tucson being #21.

Arizona continues to be an attractive market with positive net migration YOY of an average of 268 people every single day! Flexible work from home options and buyers coming from states with higher taxes and home prices such as California will keep this positive trend as buyers know they can get more square footage for their dollar here in AZ.

Thanks!

Jared

[Bob E.]

@Scott Mac  We live in a outlying suburb of Phoenix and we are seeing nicely presented larger homes selling for close to 1M and yes, people are moving in.  During the downturn these went for 200-300k.  Not sure how long this will last but it is here now.