A record high 21% year-over-year growth rate drove the median home-sale price to $348,500 across the nation, according to a new report from Redfin, the technology-powered real estate brokerage. And in Metro Phoenix, the growth rate is even more dramatic, with the median home price up 25% from last year, driven in part by the five Metro Phoenix neighborhoods with the biggest home price increases in the last year.
One contributing factor to the large rate of growth is that more high-end homes are being sold now than a year ago. Asking prices nationally reached an all-time high of $360,975.
Here are other key housing market takeaways for more than 400 U.S. metro areas, comparing the 4-week period ending May 2 with 2020:
• A record low of just 19 days on market for homes that sold during the period, down 16 days from the same period in 2020.
• A record high of 48% of homes sold for more than their list price, up 20 percentage points from the same period a year earlier.
• A record high 101.4% average sale-to-list price ratio, which measures how close homes are selling to their asking prices, up 2.7 percentage points year over year. This means that the average home sold for 1.4% more than its asking price.
• A record high 58% of homes that went under contract had an accepted offer within the first two weeks on the market.
• A record high 45% of homes that went under contract had an accepted offer within one week of hitting the market.
5 Valley neighborhoods with biggest home price increases
Here are the five Metro Phoenix neighborhoods with the biggest home sale price increases, according to the Arizona Regional Multiple Listing Service:
Of all Metro Phoenix neighborhoods, zip code 85342 in Peoria experienced the biggest increase in home prices during the past year, jumping 42.4% to hit a median sale price of $292,000 this year.
Zip code 85249 in Chandler had the second-biggest home price gain over the last year, with a 39.4% increase to a median sale price of $585,000.
Zip code 85253 has always been one of the priciest communities in Arizona, but this Paradise Valley community saw its median home sale price climb 34.8% to $2.15 million.
Zip code 85262 in North Scottsdale, also one of the priciest communities in Arizona, the median home sale price increased 34.3% to $1.175 million.
5. (tie) Mesa
Homes in zip code 85205 in Central Mesa increased 34% to a median sale price of $335,000.
5. (tie) Phoenix
Zip code 85034, a Phoenix neighborhood centered around Sky Harbor International Airport, also increased 34% in the last year to a median sale price of $268,000.