By Shelley Sakala

Happy New Year, North Phoenix homeowners! As we kick off 2024, let’s dive into the real estate scene right here in our beloved Valley of the Sun.

So, here’s the scoop: While the nation is buzzing about high-interest rates making sellers rethink their price tags, guess what? In the Phoenix metro market, a whopping 19.22% of homes are still selling above the listing price! Yep, you heard that right. We’re defying the odds.

According to the number wizards at Redfin Corp., October saw a 5.49% jump in homes sold above the listing price compared to the previous year. Nationally, the increase was 2.7%, so you can see, Phoenix is really standing out.

Now, you might be wondering if this means buyers are taking over the game. Well, not exactly. The housing market is doing a little dance, giving buyers more say, but prices are still doing the limbo, staying pretty high. The good news? They’re not skyrocketing like they did in recent years.

In October, homes in the Valley went for about 98.48% of the listing price. Our median sales price is holding steady at $450,000, the same as October 2022. But hold on to your hats, folks, because it did nudge up by 2.27% from September. Redfin’s got the numbers to prove it!

Now, here’s a tidbit that might make you smile. Homes are still zipping off the market in various areas. In and around Phoenix, the median days on the market in October was 40. That’s down from 52 a year ago, although a bit longer than the national median of 34 days.

In another October report, R.L. Brown spilled the beans that sales in the Phoenix metro were up by 4.04% year over year. And guess what else? New homebuilder permits more than doubled from last October to this one. Exciting times, right?

Zooming out a bit, let’s talk about the national housing picture. While nearly one-third of homes across the country sold above list price in October, some cities went above and beyond. Rochester, New York; Hartford, Connecticut; and Buffalo, New York took the cake with percentages as high as 72%! Meanwhile, we’re holding our own here in the Valley, with an average of 99% of listing prices being the magic number.

Now, let’s address the elephant in the room: the “missing middle.” It’s like the Goldilocks of housing, not too big, not too small. Business Journals crunched the numbers from Zillow, revealing that more ZIP codes are now demanding a six-figure income. The “missing middle” is the gap between single-family homes and midrise apartments, including duplexes and townhouses. It’s all part of the evolving landscape.

So, there you have it, Phoenix. Your real estate update for the start of 2024. It’s a market dance, and we’re still leading the way. Stay tuned for more exciting twists and turns on the Phoenix real estate rollercoaster!


Shelley Sakala is a local realtor and owner of The Sakala Group Real Estate.