As 2024 nears its close, the Mesa, Arizona real estate market is showing dynamic trends, reflecting both opportunity and adjustment for buyers and sellers. Here’s a detailed look at the latest statistics for November 2024, showcasing how the market has evolved over the past year.
Key Highlights for November 2024
1. Active Listings Surge by 42.1%
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1,751 active listings were available this November, compared to 1,232 in November 2023.
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This substantial increase provides more options for buyers, signaling a shift towards a more balanced market.
2. Sold Listings See Modest Growth of 1.9%
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433 homes sold, slightly up from 425 during the same period last year.
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Despite the rising inventory, buyer activity remains steady, suggesting continued demand.
3. Median Sale Price Per Square Foot Up by 1.6%
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The median sale price per square foot reached $266.49, up from $262.28 in 2023.
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This incremental rise reflects sustained property value appreciation in the Mesa market.
4. Months of Supply Jumps by 39.5%
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The months of supply increased to 4.04, up from 2.90 last year.
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This trend indicates a move towards a more buyer-friendly environment, as inventory levels rise.
5. Median Days on Market Increase by 31.4%
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Homes spent an average of 46 days on the market, compared to 35 days last year.
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Sellers may need to adjust pricing strategies or expectations as homes take longer to sell.
