November 2024 Mesa, AZ Real Estate Market Update

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%

• 1,751 active listings were available this November, compared to 1,232 in November 2023.

• 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%

• 433 homes sold, slightly up from 425 during the same period last year.

• Despite the rising inventory, buyer activity remains steady, suggesting continued demand.

3. Median Sale Price Per Square Foot Up by 1.6%

• The median sale price per square foot reached $266.49, up from $262.28 in 2023.

• This incremental rise reflects sustained property value appreciation in the Mesa market.

4. Months of Supply Jumps by 39.5%

• The months of supply increased to 4.04, up from 2.90 last year.

• This trend indicates a move towards a more buyer-friendly environment, as inventory levels rise.

5. Median Days on Market Increase by 31.4%

• Homes spent an average of 46 days on the market, compared to 35 days last year.

• Sellers may need to adjust pricing strategies or expectations as homes take longer to sell.

What These Trends Mean for Buyers

The growing inventory and longer days on the market suggest more opportunities for buyers to negotiate favorable terms. Additionally, with steady sold listings and a slight uptick in price per square foot, Mesa remains an attractive destination for homeownership and investment.

What These Trends Mean for Sellers

While home values continue to appreciate, the increased competition and longer selling times emphasize the importance of strategic pricing and market readiness. Partnering with an experienced real estate professional can make all the difference in navigating these changes effectively.

Mesa, AZ’s real estate market in November 2024 showcases resilience and opportunity. Whether you're planning to buy or sell, understanding the latest trends is key to making informed decisions.

Need personalized insights or advice? Contact me today, and let’s create a winning strategy tailored to your real estate goals in Mesa and the surrounding areas!