It’s well-known at this point that the current real estate market is unprecedented. Where is it going? Everyone has their own opinions and speculation as to where this market headed in the future, but nobody really knows for sure. What we do know is the past market,  and the current market report data shared by Fidelity National Title Agency.

Average Sale Price 

 In the last few years we have seen house prices take a substantial leap. At this time last year, homes were selling quickly and home prices were averaging at about $498,600. That rise in house prices didn’t completely come to a halt, as home prices were averaging about $590,600 last month. But we are starting to see that slowly climb down with home prices averaging at about $546,800. Unfortunately, that doesn’t mean we will continue to see the average house price go down. Recent projections form Norada Real Estate Investments, are saying the housing prices will most likely continue to rise throughout 2022-2023. 

Home Inventory & Average Market Time 

The home inventory has increased significantly in these last few months. At this time last year, there were about 6,746 listings on the market, compared to a whopping 17,951 current listings this month. A question that usually comes up with the shift of supply in the market is “how long are listings staying on the market?” Right now, according to Fidelity, homes are staying on the market for an average of 33 days. If mortgage rates continue to increase, the buyer pool will most  likely start to decrease. If we look at the graph presented by Fidelity below, we can also see that the amount of home sales has actually decreased from 7,720 homes sales last month, to 5,962 home sales this month. 

Whose Market Is It? 

Is it a good time to buy, or is it a good time to sell? 

According to the current market data presented by Fidelity, it’s still a sellers market, but slowly transitioning into a buyer’s market. 

Regardless of the current market, if you’re thinking of buying or selling a home our team of agents is here to help you! Short Term Rental Manager has over 15 years of experience in both real estate and rental management in the Phoenix Metro area. We are here to help you understand the market and what that means for your real estate journey. Visit our website to learn more.