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March 1, 2022 Market Update

Tuesday, March 1, 2022   /   by Bryan Baylon

March 1, 2022 Market Update

If rising house prices scare you, then the best place not to look is the average price for active listings. Unless you are made of stern stuff, you should look away now.

Reviewing the average price for single-family detached homes by ZIP code we see some eye-watering numbers. Here are some examples with UCB and CCBS listings excluded:

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We now have 28 ZIP codes with an average price of over $1 million for active listings, 20 more than 3 years ago.

Some caveats are in order:

  • sample sizes are low - ZIP codes are often very small and the number of homes for sale may be minuscule right now
  • average prices are often much higher than median prices - the majority of homes sell for less than the average price, something many people do not realize

Nevertheless, there are many ZIP codes in the above list where, if you are shopping for a home, you are looking at an average list price more than double what you would have seen 3 years ago. You are also looking at a tiny number of homes for sale compared with 3 years ago.

Market incites provided by the Cromford report.
Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Baylon - Keller Williams Northeast Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. June 17, 2024
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