For the third year in a row, closed single-family home sales declined slightly from the previous year. At the end of 2024, the drop of 0.4% was for 67,654 closed sales in Greater Phoenix, a volume far short of the 105,322 annual sales just four years ago, according to the yearly report from Phoenix REALTORS®. While last year was a mixed bag for single-family home sales, Phoenix REALTORS also identified some of the hottest housing markets in the Valley.

Pending sales took a more measurable dip in 2024, with 66,292 signed contracts booked, down 2.5% from 2023. New listings bumped upward by 12.8%, and the metro’s median sales price continued to rise, closing at $460,000, up 4.3% from last year.

“When 2023 ended, we were all pretty optimistic that 2024 would be a better year,” said Christy Walker, board president of Phoenix REALTORS. “Nationally, an improvement is expected in 2025. With declines flattening at the end of last year, we’re optimistic for a good year ahead.”

Submarkets in the metro area are beginning to see significant new employment opportunities and development. In Deer Valley and along Interstate 17 from Loop 101 to Carefree Highway, the massive Taiwan Semiconductor Manufacturing Company (TSMC) semiconductor fabrication facilities and supporting industries are coming online. Builders have increased the number of new communities in the area. Data shows that single-family home sales have jumped in areas within close commuting distance these emerging jobs.

The biggest jump in Greater Phoenix sales came in central Glendale, where the 85303 zip code saw the number of closed transactions rise 50.8%. Midtown and Uptown Phoenix also saw a rise, with sales up 35.3%. The West Deer Valley area was third with a 23.1% jump.

The 3 Hottest Housing Markets In Metro Phoenix

1. Glendale, where the 85303 zip code saw the number of closed transactions rise 50.8% in 2024

2. Midtown and Uptown Phoenix saw the number of closed transactions rise 35.3% in 2024

3. West Deer Valley area saw a 23.1% increase in closed transactions in 2024

Hottest Areas For Price Increases

Some areas in the metro showed significant median sales price gains, with emerging Eloy leading the pack at a 21.5% increase in 2024 over the prior year. Midtown Phoenix showed a 19.2% gain, and the area around Loop 101 and State Route 51 junction was third, with a 14.8% gain over 2023.

Going into 2025 with a 3.7-month inventory means more choices for buyers. The number of available homes at the end of 2024 was 37% higher than the end of 2023. More than 20,000 homes are in the inventory starting in 2025, compared to approximately 15,400 at the beginning of 2024.

“While the overall metro area lacked strong performance in residential real estate, there were pockets of good news throughout the Valley,” said Walker.

The 85017 Camelback West zip code showed the most significant inventory increase, 120.8% over a year ago. The 85302 zip code in east central Glendale came in second with a 110% inventory jump. North central Glendale in the 85306 zip code increased by 87.9%.

More Valley submarkets crossed the million-dollar mark for median home prices. Five years ago, Paradise Valley was the only submarket with a median home over the milestone, $1.3 million. In 2021, Paradise Valley was joined by the North Scottsdale 85262 zip code as the only million-dollar median submarkets. By 2023, median home prices in three more North Scottsdale and Phoenix’s Camelback East-Arcadia zip codes rose to more than $1 million.

Median prices in the $6 million markets increased from 53% to 83% between 2020 and 2024.

Last year, most single-family home sales closed at under $500,000. More than 32,000 of the almost 68,000 home sales closed with price tags between $300,000 and $500,000. About 6,700 single-family homes sold for less than $300,000.

Submarket sales activity changes from 2023 show a shift to more activity in Pinal County. West central Glendale had the largest increases in the metro area for closed and pending sales. The Deer Valley area around Loop 101 and I-17 placed second in closed and pending sales.

The shift comes when examining 2024 pending sales heading into the new year compared to 2023. Pinal County cities Arizona City, San Tan Valley and Apache Junction have the third through fifth pending sales growth positions.

Wickenburg showed enough of a jump to rank fourth in closed sales in greater Phoenix. The other two of the top five zip codes, 85012 and 85054, were in Phoenix.

The top five submarkets for pending sales also closed out 2024 as the top five markets in year-over-year growth for new listings.

Learn more about Phoenix REALTORS.  – more at azbigmedia.com