Zillow Arizona For Sale (2024)

FAQs

Are houses selling fast in Arizona? ›

🔎 Key takeaways: Average time to sell in Arizona

In Arizona, it takes an average of 88 days to sell a house. That's 3.5% slower than than the national average of 85 days. On average, homes in Arizona sit on the market for 53 days, and it typically takes 35 days to close once an offer has been accepted.

When a listing on Zillow - or any other real estate site - is pending, the property owner/seller has accepted an offer, but the closing hasn't happened yet. During the time between offer acceptance and closing, many steps must be taken, such as a title search, home inspection, home appraisal, and obtaining a mortgage.

Yellow Pending is actually 'Pending Continue to Show' which means that although they are past the option period, they will still allow showings and could accept a back up offer. The Pending with the red flag is not encouraging showings or back up offers.

Key Takeaways. An "active" listing on Zillow means the property is for sale. Buyers can view and make offers on "active" properties. "Active under contract" means an offer is accepted, but not final. "Pending" status indicates a property is close to being sold.

Home prices will continue to increase in Arizona.

The data indicates that there will be a steady growth in home prices, which aligns with the overall health of the housing market. Here are some of the up-and-coming neighborhoods in Arizona real estate to watch in 2024 and beyond.

Arizona Housing Market Overview

What is the housing market like right now? In June 2024, home prices in Arizona were up 1.9% compared to last year, selling for a median price.

According to the National Association of Realtors®, homes are usually listed as pending for 30-60 days. Each pending home's timeline is different, but the timing could be affected by issues with things like mortgage approvals and home inspections.

According to data compiled by the National Association of Realtors (NAR), it's estimated that about 5% of pending offers fall through. For perspective, NAR reports that about 4.71 million homes were sold in the U.S. in 2023. Based on NAR's estimate, that means roughly 247,500 home sales fell through in 2023.

A purple dot on Zillow means the property is available for rent. Typically, if the house or apartment is still listed on Zillow, that means it's available—but it varies.

One of the most reliable signs that a home will be going on the market is the presence of a “coming soon” listing, like those offered on Zillow.com. Current homeowners use these services to gauge buyer interest and line up potential buyers by publicizing their intention to sell.

What's the difference between contingent and pending? ›

The difference is that contingent listings still need to meet one or more specific conditions before moving forward. With pending deals, conditions have been met, and both parties are planning to move forward to closing. As a buyer, you may be able to make a backup offer on a listing that's under contract.

When a property is labeled as “Active” on Zillow, it indicates that the listing is currently available for sale. This means that the property is actively on the market and open for potential buyers to consider.

“Under contract” means the seller has accepted an offer, but there are still conditions to clear before closing. “Active under contract” means the seller is welcoming backup offers. “Pending” means the home is under contract, and all conditions have been met for the deal to close.

Among contingent offers, less than five percent fall through, according to multiple sources. Broken offers may arise because the buyer isn't able to secure financing or because the seller isn't willing to lower their listing price after a low appraisal.

The pending sale will go back to active if the loan is rejected due to a buyer's impulse financing. It's also possible that buyers might not have knowledge of liens or judgments filed against them. This can also affect their creditworthiness so the loan the buyer thought he had in place can ultimately be denied.

There's no better time than NOW! 28.8% of homes are selling below their listing price. Moreover, there's a 17.6% increase in newly listed homes. So, not only are you spoilt for choice, but you're also more likely to crack a good deal on your dream home.

Arizona is nearly 270,000 housing units short of demand, according to the state Department of Housing, thanks in part to zoning rules, NIMBY opposition and general red tape.

After an offer is accepted, home sales typically require an additional 30- to 45- day closing period before they are officially sold. Therefore, the average time it takes to sell a house is 55-70 days in the U.S.

1 fastest-selling housing market: Hartford, Connecticut. As of January 2024, the fastest-selling housing market in the U.S. is Hartford, Connecticut.