Greater Phoenix Land Market Overview
Greater Phoenix Land Market Highlights
As of May 16, 2025, the land market in Greater Phoenix continues to exhibit notable shifts as current inventory and pricing trends unfold.
- Over the past month, the number of active listings has increased substantially, climbing to 3,844, indicating a more competitive landscape for buyers.
- Meanwhile, the average price per square foot for these active listings remains unchanged at $8, hinting at stability amidst growing choices.
- The months of inventory currently sits at 14.7, showcasing a market that favors buyers with ample opportunities.
- The average days on market (DOM) for active listings has risen to 281, reflecting a slower pace in sales movement than previously observed.
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Greater Phoenix Land Market Report
An In-Depth Look at the Greater Phoenix Land Market
The Greater Phoenix land market, as of May 16, 2025, reveals a dynamic situation with several emerging trends.
The surge in active listings to 3,844 signifies a robust increase from only 3,375 listings just three months ago. This uptick highlights a growing supply of available properties, allowing buyers more choices in their search. Notably, this is significantly more than the 2,762 listings seen nine months ago.
Price per square foot has held steady at $8, suggesting that while access to land is expanding, pricing structures are not yet responding to the increased inventory. This sustained price point means buyers might find that the asking prices do not reflect heightened inventory levels, which can be advantageous for negotiating.
Moreover, the months of inventory stands at 14.7, down from 15.2 three months ago, signifying a continued upward trend in available options, but it still falls within a territory typically favorable to buyers. This figure indicates the pace at which current listings would sell at the existing rate if no new listings were added—much higher than the general benchmark where 4 months is considered the divider for a balanced market.
The increase in the average days on market (DOM), now at 281, represents a rise from 335 days three months ago, further confirming that properties are taking longer to sell. This trend may signal a need for sellers to adjust strategies and consider competitive pricing to attract potential buyers.
Lastly, examining sold pricing, we observe the average sold price of land currently at $293,010, which is a considerable decrease from $357,980 seen just three months ago. This drop of approximately 18% indicates waning buyer confidence or perhaps an oversupply of listings, necessitating strategic reductions in listing prices to stimulate activity in this segment.
In conclusion, as inventory grows and properties take longer to sell, the Greater Phoenix land market is navigating a challenging yet potentially rewarding climate for buyers ready to engage. Sellers may need to recalibrate their pricing expectations to close deals effectively in this evolving landscape.
Brian Adamski, Realtor
Top 3% in Arizona | Trusted Real Estate Consultant
480-405-1265
