Greater Phoenix Multifamily Market Overview
Greater Phoenix Multifamily Market Highlights
As of May 5, 2025, the multifamily market in Greater Phoenix is experiencing notable changes.
- The number of active listings has increased to 343 over the past month.
- Additionally, the average price per square foot has climbed to $325.
- Meanwhile, days on market for active listings have lengthened to an average of 114.
- Overall, the trend reflects a market adjusting to higher inventory and price dynamics.
Curious how the Greater Phoenix Multifamily market has changed over time?
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Greater Phoenix Multifamily Market Report
An In-Depth Look at the Greater Phoenix Multifamily Market
In Greater Phoenix, the multifamily market as of May 5, 2025 reveals a complex interplay of rising inventory levels and price adjustments. Notably, the number of active listings has expanded to 343, contrasted with only 254 listings three months ago. This surge indicates a strengthening supply amidst shifting buyer preferences.
The average price per square foot has also increased, now sitting at $325 compared to $303 three months prior. This slight uptick suggests that while listings are becoming more plentiful, competition remains, benefiting sellers looking to maximize value. However, the average price for sold listings has somewhat moderated, currently at $706,658, down from $763,205 three months ago, reflecting a possible shift towards more favorable offers for buyers.
Concurrently, the days on market (DOM) have risen to an average of 114 days, signifying that properties are taking longer to sell than they were previously, with a DOM of 149 days three months ago. This lengthening period may indicate a cooling of buyer urgency or possibly economic factors influencing purchasing decisions.
The months of inventory for active listings is now at 8.6, significantly higher than the 6.5 months recorded three months ago. This increase provides a more balanced market but also suggests that buyers have more time to evaluate options, shifting some negotiating power towards them.
In summary, while the multifamily market in Greater Phoenix is experiencing a rise in active properties and average price per square foot, the increase in DOM and months of inventory indicates a cooling trend that may favor buyers and promote more strategic negotiations moving forward. For sellers, understanding these market dynamics will be crucial for effective pricing and timely sales strategies.
Brian Adamski, Realtor
Deep Knowledge of Greater Phoenix | Guaranteed, Professional Real Estate Guidance
480-405-1265
