The strong demand to live in a single-family resale home continues to march on. The overall median purchase price for a single-family resale home in Greater Phoenix jumped up in October reaching a new high. This is after staying flat for three consecutive months at $450,000. October’s median purchase price was $460,000. This is $10,000 or 2.2% higher than September 2021. Even though the overall median purchase price went up, it did not go up in every city in October compared to September. Some cities had increases, some cities had decreases. Table One shows that sixteen cities had price increases and ten cities had price decreases. Sales for this October compared to last October sales are down in nineteen cities and listings are down in twenty-two cities. It should be no surprise that both sales and listings were down in most cities this October compared to last October. Last year at the end of winter and into spring, Covid-19 kept many sellers and buyers out of the market, only to have them flood the market the remainder of the year. In October 2020, the overall number of sales for single family resale homes was the highest ever for a month of October in Greater Phoenix. The number of listings in October 2020 was the highest in seven years for a month of October. The overall median monthly rent for a single-family resale home in Greater Phoenix in October 2021 was $2,295. This is $5 less than the $2,300 record high in September 2021. The overall estimated months of supply for single family resale homes in Greater Phoenix is very low. For listings under $500,000 it is ten to twenty-four days depending on price point. For listings $500,000 to $799,999 about a one-month supply. From $800,000 to $1,500,000 a one to two-month supply.
Table One: 26 Cities Median Purchase Price Month-Over-Month
| Median Purchase Price | Median Purchase Price | |||
| City | September 2021 | October 2021 | Change | % Change |
| Apache Junction | $365,000 | $350,000 | $15,000 | 4% |
| Avondale | $400,000 | $397,500 | $2,500 | 1% |
| Buckeye | $400,000 | $396,500 | $3,500 | 1% |
| Casa Grande | $300,000 | $325,000 | $25,000 | 8% |
| Cave Creek | $730,000 | $707,000 | $23,000 | 3% |
| Chandler | $490,000 | $510,000 | $20,000 | 4% |
| El Mirage | $350,000 | $352,750 | $2,750 | 1% |
| Florence | $331,995 | $338,000 | $6,005 | 2% |
| Fountain Hills | $657,500 | $668,950 | $11,450 | 2% |
| Gilbert | $500,000 | $531,250 | $31,250 | 6% |
| Glendale | $400,000 | $405,000 | $5,000 | 1% |
| Gold Canyon | $474,000 | $427,500 | $46,500 | 10% |
| Goodyear | $450,500 | $440,000 | $10,500 | 2% |
| Litchfield Park | $520,000 | $500,490 | $19,510 | 4% |
| Maricopa | $359,990 | $361,500 | $1,510 | 0% |
| Mesa | $439,000 | $436,000 | $3,000 | 1% |
| Paradise Valley | $2,650,000 | $2,675,000 | $25,000 | 1% |
| Peoria | $481,000 | $473,225 | $7,775 | 2% |
| Phoenix | $405,000 | $425,000 | $20,000 | 5% |
| Queen Creek | $529,000 | $596,000 | $67,000 | 13% |
| San Tan Valley | $400,500 | $401,000 | $500 | 0% |
| Scottsdale | $850,000 | $900,000 | $50,000 | 6% |
| Sun City West | $400,500 | $405,000 | $4,500 | 1% |
| Surprise | $410,000 | $425,000 | $15,000 | 4% |
| Tempe | $486,407 | $485,000 | $1,407 | 0% |
| Tolleson | $396,550 | $380,000 | $16,550 | 4% |
Fletcher R. Wilcox
V.P. Business Development & Real Estate Analyst
Grand Canyon Title Agency. Grand Canyon Title is a subsidiary of FNF.
FNF is currently ranked 288 on FORTUNE’s 2021 list of America’s Largest Companies.
Fwilcox@gcta.com
602.648.1230
Author of TheWilcoxReport.com
Affilitate Director Scottsdale Association of REALTORS®
Director & V.P. of Networking Arizona Mortgage Lenders Association
Member Arizona Association of REALTORS
Member Arizona State Escrow Association
Monthly columnist for the Arizona Journal of Real Estate & Business
