Phoenix is now one of the coldest housing markets in the U.S.
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The Phoenix housing market has cooled down significantly, ranking 42nd out of 52 large cities in the US, according to a study by Construction Coverage. The city's median home price is $450,000, with prices rising at the national average of 1.6% annually, and only 15.4% of homes are selling above asking price.
Phoenix's housing market has cooled down due to an influx of new builds. The city ranks 42nd out of 52 large cities in the US. The median home price is $450,000, with a 1.6% annual increase. Only 15.4% of homes are selling above asking price, and homes are sitting on the market for a median of 59.2 days. Other Valley cities, such as Mesa and Tucson, are also experiencing cooling markets. Arizona as a whole ranked third-to-last in the nation, with many cities in the bottom 25.
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