One of the greatest differentiators between 2023 real estate and 2024 real estate in Maricopa County was the amount of new listings on the market, according to the December Market Update from Phoenix REALTORS®.

In total, Realtors added 63,663 properties to the market in 2024, a 12.6% increase over 2023, when 56,522 properties were added.

Meanwhile, closed listings remained essentially unchanged, with 45,928 homes sold and 45,955 sold the year prior. That’s a 0.1% decrease year over year.

Pending listings fared similarly, with 44,978 listings going under contract in 2024 and 45,904 going under contract in 2023, a 2% annual decrease.

Days on market remained unchanged, with the average listing taking 62 days to sell.

Both the median and average sales prices rose: The median sales price increased 4.8% from $486,000 in 2023 to $509,275 in 2024, while the average increased 5.4% from $651,152 to $686,083.

Looking at December, new listings fell 6% year over year, pending sales plummeted 28%, and closings increased 16.8%. Overall inventory rose 30.6%, while months of supply jumped 36% to 3.4 months. The median and average sales prices rose 4.2% to $510,000 and 8.7% to $718,073, respectively.