Executive Summary
- The median home price in Queen Creek fell 5% year-over-year to $625,995 in September, with the average price down 4.3% to $704,385.
- Housing inventory increased significantly, with new listings up 15.4% and total inventory up nearly 10% compared to the previous year.
- Market analysis from The Cromford Report indicates conditions are increasingly favorable to buyers due to rising supply outpacing a slow recovery in demand.
The Queen Creek housing market experienced a year-over-year downturn in September, with both median and average home prices declining, according to new data from Phoenix Realtors. The median sales price fell 5% to $625,995, while the average sales price decreased by 4.3% to $704,385. Despite the price drop, the number of closed sales increased by 6.8% to 142 homes, and properties spent less time on the market, averaging 74 days, a drop of nearly 12% from the previous year.
Further analysis of the September data reveals a market with growing supply. New listings saw a significant 15.4% year-over-year increase, and total inventory expanded by nearly 10% to 631 available houses. Sellers, however, continued to receive strong offers, securing over 98% of their original asking price on average.
Across the wider Phoenix metropolitan area, the market showed similar signs of renewed activity. “Closed sales climbed more than 10%, new listings rose, and inventory expanded, signaling renewed momentum in the market,” said Christy Walker, Phoenix Realtors Board President. She noted that while the median price in the Phoenix metro region saw a slight year-over-year increase to $480,000, this figure remains significantly below the median for Queen Creek. Walker expressed caution, stating that the rebound “may slow this month as higher interest rates and the ongoing government shutdown weigh on activity.”
Market analyst firm The Cromford Report characterized the current conditions as increasingly favorable to buyers. The report ranked Queen Creek as the third most buyer-friendly submarket out of 18 in the Phoenix region. “The primary reason for these trends is that supply is moving higher,” The Cromford Report stated. “Demand is also improving but at a painfully slow pace so far.”
The report also highlighted a divergence within the market, noting that luxury and super-luxury buyers remain confident, while first-time homebuyers are scarce and move-up buyers appear uncertain. This trend helps explain why metrics like price-per-square-foot can rise while the overall median sales price falls. “Homebuyers with lots of capital are doing very nicely,” the analysis concluded.
Market Outlook
In summary, the Queen Creek real estate market is adjusting to new conditions defined by rising inventory and moderating prices. While sales volume has increased, the data suggests a shift towards a market that offers more leverage to buyers. Analysts remain optimistic that the market will continue to balance as the year concludes, though external economic factors like interest rates could influence future activity.
