In this post, we’re going to highlight the numbers you need to know about the Maricopa County real estate market, what it means if you’re thinking about buying or selling, and where to get help moving toward your real estate goals this year.
What’s Happening in the Maricopa County Real Estate Market?
- There were 6,790 total sales, which is up 19% for the month and up 2.9% for the year.
- The total number of homes available for sale was 24,709, which is up 4.2% compared to last month and 46.6% compared to last year.
- Average sales price was $623,920, which is up 8.7% compared to this time last year
- The median sales price was $455,000, which is up 2.2% compared to last year and up 0.3% compared to last month.
- Average days’ on market was 79, which is up 11 days compared to this time last year.
Phoenix has been in a market that slightly favors buyers for 3 of the last 4 months, but it’s struggling to gain traction due to high interest rates and high prices.
What Does This Mean for Phoenix Homeowners and Sellers?
According to The Cromford Report: “The active listing counts continue to rise, which is very unusual between March and April, and therefore bad news for sellers, but the rate of increase has at least slowed down. Interest rates have eased to around 6.63% for the 30 year fixed, and demand shows clear signs of improving during March. Pending listings are higher than last year and listings under contract are up over 6%. The sales count is also stronger (up 2.6% from March 2024). This is encouraging for sellers. The problem remains that supply is still rising. There are simply more sellers than we expected, with year-to-date new listings almost 20% higher than this time last year.”
Sellers need to price their homes for where the market is going to be, not based on where it was a few months (or years!) ago. The market is moving, so your price needs to move, too.
Be prepared to pay for some of the Buyer’s closing costs and “buying down the rate” in the form of concessions. Last month, 49% of all closed transactions had some form of concessions paid to the Buyer from the Seller.
Since Buyers have so many choices of available homes on the market, make sure your home is “show ready.” Homes with the least amount of work (cosmetic or otherwise) sell the quickest and for the most money.
Don’t fall for offers from investors – these are often WAY below market value. Investors typically pay 25% to 30% below the market value of a home.
Interested in selling? Get your FREE Home Value Report here. We can show you our proven strategies to get 4% more for your home than the average Phoenix real estate agent, so reach out for a free consultation!
What Does This Mean for Phoenix Home Buyers?
According to Tina Tamboer of The Cromford Report, Phoenix has been in a buyer’s market for 3 out of the last 4 months. This is only the 4th buyer’s market for Greater Phoenix over the past 25 years, with the most recent one from 2006-2008. Tina says, “Because the housing crash coincided with the Great Recession of 2008, there are some who believe home values are set to crash if another recession should occur in the near future. Historically, this theory is not supported. Typically home values go flat and boring during recessions, or barely rise. Ironically, buyer demand for homes increases during recessions because mortgage rates typically decline. Measures today suggest prices could decline in the coming months if supply continues to rise, but more like a coast or glide, not a crash. Most price ranges are currently averaging somewhere around 1-2% appreciation year-over-year, which is less than the rate of inflation.”
Buyers still have lots of choice and growing bargaining power, especially in the outlying and less expensive areas. If the seller is realistic about market conditions (i.e. pricing, repairs, concessions, etc.), buyers should be able to secure a good deal. If the seller is unrealistic about market conditions, there is no harm in walking away to find another suitable property.
According to Tina Tamboer of The Cromford Report: “Some buyers may be surprised to see price measures aren’t showing a decline yet, in fact the median is up 4.3% over last year. Price measures take at least 3-6 months to crack after a shift in the market, and that shift needs to be in effect for at least a season before it starts to hit the price line. Why does it take so long? For a number of reasons, but one is the length of the sale. When selling a home, first the seller needs to list it on the open market and possibly wait 30 days before accepting a contract. Then after another 30-45 days in escrow, the price finally records. Then in order to establish a trend, two more months need to be established to show a measurable decline in price. Stocks, in contrast, can be sold and recorded at the push of a button, so volatility and price responses are instantaneous, and crashes are common.”
So, at this point, we can’t expect prices to drop dramatically. However, interest rates and affordability are the biggest hurdles right now. If you find the right house, negotiate with the Seller to help buy down the rate in the form of concessions. Make sure you find a real estate agent that knows how to negotiate for your best interest!
Interested in buying? Sign up for our property search app here.
Conclusion
The bottom line is this: the market continues to balance out, with a slight advantage for Buyers due to the number of homes available, increased Seller concessions offered to Buyers, and decreased demand.
Our market is rapidly evolving as the data presents new changes daily; by the time you’re reading this, the numbers will have changed. So, to get the most up-to-date information, reach out to us today.
Lianne: 602-463-1730 | Jason: 602-909-0673| team@therfgaz.com
Sources:
- Arizona Regional Multiple Listing Service (ARMLS) statistics: https://armls.com/statistics - ARMLS® COPYRIGHT 2025
- The Cromford Report: https://cromfordreport.com/
- Tamboer Consulting LLC