Greater Phoenix Market Overview
Highlights
As of March 15, 2025, the single-family home market in Greater Phoenix is demonstrating a mix of evolving trends, indicating changes that impact both buyers and sellers.
- Over the past month, the total number of active listings has decreased to 23,150, dropping from 24,500 last month.
- The average sales price has increased to $703,200, notable growth since the price was $672,630 three months ago.
- Currently, the average Days on Market (DOM) stands at 62 days, up slightly from 60 days last month, indicating properties are selling at a somewhat slower pace.
- The months of inventory currently sit at 5.5, marking a slight increase from 4.1 months three months ago, suggesting a more balanced market.
Info About Greater Phoenix
The Greater Phoenix area is 10th largest metro area in the United States (4,652,000 people).
Two major airports serve Greater Phoenix. Phoenix Sky Harbor International Airport is the main one and is considered the 10th busiest in the United States. In 2004, Phoenix-Mesa Gateway Airport started commercial passenger flights.
Phoenix is in the northeastern part of the Sonoran Desert at about a mean elevation of 1,117 feet (340 m) and has a subtropical desert climate.
High Demand
For the last decade or so, Greater Phoenix real estate has been in the top 3 metro areas for people wanting to buy for both their primary home, secondary homes, and investment purposes. Since, COVID, the demand for Phoenix, AZ real estate has increased even more.
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Weather
Phoenix is frequently referred to as the Valley of the Sun and for good reason, as you can expect to see the sun, on average, 85% throughout the year. 8-9 months out of the year the weather in Phoenix is glorious and is one big reason people move here. Winter months are warm, with daily high temperatures ranging from the mid-50s to high 70s and low temperatures mostly in the low 40s, occasionally dipping below 40. On average, Phoenix has only five days per year where the temperature drops to or below freezing. The summer high average temperatures are typically over 100 °F (38 °C).
Economy
Eight Fortune 500 firms are currently headquartered here: Freeport-McMoRan, Avnet, Carvana, Republic Services, Insight Enterprises, Opendoor Technologies, Taylor Morrison Homes, and ON Semiconductor.
Phoenix has plenty of high-tech and telecommunications companies like Intel, GoDaddy, LifeLock, Gainsight, Microchip, Keap, Honeywell’s Aerospace division, and countless more.
Phoenix also benefits from tourism and recreation because of its weather and proximity to places like the Grand Canyon. Several golf events occur throughout the Phoenix Metro area, including the PGA’s Waste Management Phoenix Open.
Culture
Some of the best museums, theatres, and art galleries in the Southwest are located here.
Things To Do
Enjoy the outdoors year round! There is great hiking, mountain biking, and horseback riding on the many different mountain ranges throughout Greater Phoenix.
Phoenix is one the world’s golf capital and has many interesting, challenging, and unique courses.
Need to cool off? Phoenix has plenty of water parks or go tubing on the Salt River.
Phoenix also has plenty of public parks to relax with the family, have a picnic, swim in the pool, tennis, pickleball, or volleyball.
Within a 2-6 hour car drive lies the Grand Canyon, Sedona, Tucson, San Diego, Las Vegas, Palm Springs, Los Angeles, or even Mexico.
Topography
Generally speaking, the Greater Phoenix is flat, but mountain ranges are in and around the valley. If you’re looking for mountain views and foothills to break up the flatness, I would look at areas such as Ahwatukee (south), Biltmore Area (central), Arcadia Area (central), North Scottsdale (north), and Gold Canyon (east).
Want Help to Buy or Sell from an Expert?
If you’re looking for an experienced Greater Phoenix real estate agent, then you found one here! Brian is ranked in the top 3% in AZ. Whether you are looing for a single family home, a condo, or land, he is your guy!
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Greater Phoenix Market Report
An In-Depth Look at Greater Phoenix Houses
The Greater Phoenix single-family home market, as of March 15, 2025, reflects several noteworthy dynamics that could guide both potential buyers and sellers.
Starting with inventory, the total number of active listings currently stands at 23,150, a considerable decline from 24,500 just a month ago, yet an increase from 17,184 three months back. This notable fluctuation indicates a transition in the market, where recent declines could suggest either increasing buyer demand or sellers with some hesitance to enter the market. Comparing to historical data, the active listings are significantly higher than the 10,958 recorded 15 months ago, a number that pencils in a more vibrant market today.
When examining sold prices, we see the average has risen to $703,200 over the past month from $672,630 three months ago. This growth of over 4% suggests that buyers remain willing to invest in higher prices, hinting at sustained demand despite the changing inventory landscape. The price per square foot aligns with these trends, currently at $297 for sold properties, which is an increase from $289 three months ago. This uptick may reflect both desirability in certain neighborhoods and the growing cost of materials contributing to home valuations.
Analyzing the Average Days on Market (DOM), we note that properties are taking an average of 62 days to sell. While this is a slight rise from 60 days just last month, it still indicates a fairly brisk market, especially when compared to the Honeywell 31 days experienced back in 2023. This prolonged selling period allows buyers a more measured approach when considering their options.
The months of inventory is currently at 5.5, which is noticeably higher than just 4.1 months seen three months ago. The increased inventory alongside a longer DOM suggests a market shift towards equilibrium, giving buyers more leverage. In a real estate context, 5.5 months of inventory indicates a balanced market where neither buyers nor sellers have prominent advantages.
In conclusion, while the Greater Phoenix market is currently poised in a dynamic state, both rising prices and increasing inventory suggest a notable balancing act. Buyers may find opportunities amid the shifting landscape, while sellers should consider the recent upticks in sold prices to price their homes strategically.