🏡 Sales Market
Active Listings: 1,891 (-4.1% YoY)
→ Inventory has declined compared to last year after several months of increases, signaling a slight tightening in supply
Median Sold $/SF: $253.64 (-3.0% YoY)
→ Prices remain under pressure year-over-year, continuing a gradual softening trend
Average Days on Market: 46 (-4.2% YoY)
→ Homes are selling faster than last year, showing improved buyer activity and stronger demand
30-Year Mortgage Rate: 6.44%
→ Rates increased this month, which could impact affordability and buyer momentum heading into spring
🏘️ Rental Market
Active Listings: 228 (-26.7% YoY)
→ Rental inventory has dropped significantly, pointing to a tightening market
Median Rented $/SF: $1.36 (-5.6% YoY)
→ Rents remain below last year’s levels despite some month-over-month stability
Median Days on Market: 28 (+3.7% YoY)
→ Rentals are leasing relatively quickly, though slightly slower than last year
📉 Key Takeaways
- Sales inventory has begun to decline after earlier growth
- Home prices remain soft but relatively stable month-to-month
- Homes are selling faster, indicating improving buyer demand
- Rental supply has tightened significantly, creating a more competitive market
- Rising mortgage rates may influence buyer activity moving forward
👉 Overall:
Mesa’s market is showing signs of improvement, particularly on the sales side with faster selling times and tightening inventory. While prices remain slightly below last year, demand appears to be strengthening. The rental market is tightening quickly as supply drops, even as rents remain somewhat soft. As mortgage rates rise, affordability will continue to play a key role in shaping market trends this spring.