What's happening in Arizona's housing market in 2023?
As noted by the National Association of Realtors in May 2023, the median price in the following Arizona counties and the year-over-year change:
Maricopa
- Price: $450,000
- Change: +26.4%
Pima
- Price: $370,000
- Change: +13.8%
Pinell
- Price: $494,900
- Change:''+14.4%
The price listed in the listing is not necessarily the same as the sale price, and Redfin reports that in May 2023, the ratio of list price to actual sale price was 98.3%. This means that sellers are getting close to the original asking price at the time of closing. However, the number of homes sold above the listed price is down 33.4% from May 2022.
The Arizona real estate market reflects this growth.
Some are pessimistic about the future of Arizona's housing market,''especially in Phoenix. At the end of 2022, the National Association of Realtors projected a 15.8% decline in combined sales and prices in the Phoenix-Mesa-Scottsdale market in 2023. For Tucson, the expectation was slightly better, a 10.2% decline. Despite the decline in sales and available supply, home prices continue to rise. This price increase is typical of states with a low housing inventory. However, potential homebuyers in Arizona and elsewhere can expect prices to decline and watch for changes in mortgage rates, which have risen significantly over the past year.
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