Phoenix Multifamily

Phoenix Multifamily Market Highlights

As of Jul 10, 2025, the multifamily market in Phoenix showcases a mix of evolving trends for buyers and sellers alike.

• Currently, the total number of active listings stands at 160, which has increased from 129 three months ago.
• With an average price per square foot of $320, the market reflects a growing demand as compared to $306 three months prior.
• Meanwhile, the average days on market (DOM) has risen to 122 days, indicating that properties are remaining available longer than they did previously.
• As for sold prices, these are currently averaging $658,082, down from $708,745 three months ago, suggesting a potential cooling trend in pricing.

An In-Depth Look at the Phoenix Multifamily Market

In the multifamily market of Phoenix, current dynamics provide valuable insights for potential buyers and sellers navigating the landscape. Presently, with 160 active listings, we observe a significant increase of roughly 24% compared to the 129 active listings recorded three months ago. This influx is accompanied by a noticeable uptick in the average price per square foot, which has grown to $320 from $306, a clear indicator of robust buyer interest and potentially rising standards in property offerings.

However, this environment is contrasted by the average DOM, which now sits at 122 days, up from 104 days three months ago. This rising DOM suggests that while buyers are active, they may be more cautious or discerning, leading to longer listing times. Sellers should consider this indicator seriously as it may reflect changes in buyer sentiment or market conditions, urging them to price competitively if they wish for quicker sales.

In terms of sold prices, there is a notable adjustment with the average price reducing to $658,082 from $708,745 over the past three months. This 7% decrease may suggest that the market is transitioning, with sellers needing to adapt their pricing strategies in response to the increasing inventory and changes in demand. The relationship between the current sold price and the previous months of activity can often reveal crucial patterns for both buyers and sellers, especially regarding negotiation leverage.

Moreover, with the months of inventory sitting at 8.1, the market appears balanced. A running inventory of over 6 months typically suggests favorable conditions for buyers, allowing them time to evaluate options without extreme pressure. For those looking to purchase, this signifies an opportunity to negotiate terms that might have been less favorable in a seller-dominated market.

In conclusion, while the multifamily sector in Phoenix is witnessing a growth in active listings and average price per square foot, the extended DOM and slight decrease in sold prices indicate a market that is becoming more cautious. Buyers could benefit from this balance while sellers must strategically adjust their offerings to ensure competitive positioning.