Metro Phoenix residential real estate sales in September were up a bit over August after several months of declines, according to data from Phoenix REALTORS®. Closings rose 1.2% for the month.

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“It is too early to call it a trend but it’s good to see the uptick,” said Sheryl Bowden, Phoenix REALTORS board president. “With three months of interest rate drops coming into fall and the peak sales season approaching, the market may be shifting.”

Since January, residential real estate activity has been marred by high interest rates and a tight inventory for buyers. The data is starting to reflect better news.

New listings increased 13.9% since January compared to the same period in 2023. For September, inventory jumped 42.8% compared to last September. Year-to-date closings were up 3.2%, and the number of days on the market from listing to sale dropped 4.5% to 64 days.

“Prices paid for housing continue to rise,” said Bowden. “Compared to other major markets, Greater Phoenix still offers bargains in single-family homes.”

The median sales price rose 4.2% to $475,000 compared to year-to-date data from 2023. The percent of asking price received has held steady all year at over 98% of the listing price.

City-by-city results varied across the metro.

“When you look at the Greater Phoenix numbers, it’s encouraging,” said Bowden. “Individual cities show mixed results that vary from the market average.”

Phoenix

Closed sales in the city of Phoenix bucked the broader market upward trend, dropping 7.1% compared to the first nine months of 2023. The median price through 2024 was up 7.8% over the same period last year. The $485,000 median is the highest level in the past ten years, topping the metropolitan area median for the first time. The number of days on the market dropped 5.2% to 55 days.

Buckeye

In Buckeye, the available listings increased by 13.1% over the year-to-date numbers from 2023. Closings were flat, down just 1.9% compared to the same nine months last year. Days on the market dropped 5.3% to 72, and the median price rose 3.5%, topping the $400,000 mark for the second time in the last ten years and rebounding from six months of declines.

Queen Creek

A surging market in the Southeast Valley, Queen Creek saw its median sales price double from around $325,000 in 2020 to $649,000 through September 2024. Year-to-date numbers are up 8.8% from the same period in 2023. While new listings climbed 8% this year compared to last, pending and closed sales year-to-date numbers dropped around 10%. The number of days on the market dropped from 85 to 84.

Scottsdale

Of the major cities in Greater Phoenix, Scottsdale continues to pile up price increases, jumping 11.6% for the first nine months of 2024 compared to last year. The median sales price, which topped $1 million for the first time just two years ago, has now climbed to $1,140,000 this year. Unlike most cities in the metropolitan area, Scottsdale showed an increase of 5.6% for the number of days on the market.

Learn more about Phoenix REALTORS.