GO
Loading...

Want to move to Phoenix? Market 'slow and steady'

The real estate picture in the Valley of the Sun is "slow and steady in much of the greater Phoenix market with strong performance in the luxury range," according to one broker who works there.

Gene Urban, broker with The Urban Team, told CNBC he's "excited about the Phoenix market for an important reason: It's stable. After a decade of massive rises and falls, a balanced real estate market is a good thing."

He also noted that the greater area has a "large millennial buyer pool." Phoenix is the nation's sixth-largest city.

According to real estate site Zillow, the median sale price for all properties in Phoenix was $181,765 as of the end of May, with an inventory of 23,791 homes

Phoenix, Arizona.
Davel5957 | iStock | Getty Images
Phoenix, Arizona.

The average number of days a home spends on the market is 97, according to June numbers from the Arizona Regional Multiple Listing Service.

Urban showed CNBC three listings in the area of Scottsdale, Arizona, ranging from $600,000 to $1,195,000.

—By CNBC's Katie Iacovella

Contact Real Estate

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More
  • Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

Latest Special Reports

  • Financial advisors stress that now is the time for investors to get serious about year-end financial planning checkup.

  • File photo: Participants at a hacking conference in Germany

    A series of high profile cyber attacks has created huge economic opportunity as businesses look to fend off future attacks.

  • Is an active twist on passive investing the right portfolio move? An inside look at the rise of ETF strategists.