By Amy Albright | Arizona Foothills Magazine
The median listing price for a Metro Phoenix home has hit an all-time high exceeding $500,000, according to Realtor.com’s Monthly Housing Trends Report.
Phoenix homes have seen a market value increase of 19.4% annually for the past several years, nearly $100,000 higher than the national average. In January, Phoenix homes were sold at an average of $283 per square foot and increased in February to $297 per square foot.
Along with the Valley, the U.S. as a whole has reached a national high for housing market prices. As of March, homes nationwide are averaging $405,000. The listing prices for the top 50 metro areas grew by an average of 9.1% in March compared to last year.
With homes in the Valley surpassing the half a million-dollar price tag other aspects of the market are being impacted including average days on the market, price reductions, and active listing count.
