Greater Phoenix Real Estate Market Overview
Greater Phoenix Market Highlights
As of May 5, 2025, the residential real estate market in the Metro Phoenix Area has displayed a blend of trends that homeowners and potential buyers should carefully consider.
- Over the past month, active listings have increased, reaching 35,759, which is higher than the 29,218 seen three months ago.
- The average sales price for properties sold has decreased, now at $585,858 compared to $621,150 just three months ago.
- Additionally, days on market (DOM) for active listings are currently at 107, which has climbed from 136 days three months prior, indicating a slower movement within the market.
Curious how the Greater Phoenix market has changed over time?
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The current state of the Metro Phoenix Area residential real estate market demonstrates several key metrics that shape the landscape for buyers and sellers alike.
- As of now, the inventory of active listings stands significantly higher than it was three months ago, growing to 35,759 listings from 29,218. This increase is reflective of a broader trend, indicating a shift toward a more product-rich environment.
- Months of inventory have settled at 5.2, suggesting that while there is growth in listings, it is not enough to create a complete buyer's market, as supply still somewhat matches demand. For context, months of inventory had registered 5.8 three months ago, illustrating a slight stabilization.
- Meanwhile, the average sold price has seen a decline to $585,858 from $621,150, which signals a softening demand as buyers may become more cautious in their purchasing decisions amid a fluctuating economy.
- The DOM for listings has also elevated, currently at 107 days, which reflects an increase from 71 days three months ago. This rise suggests properties are taking longer to sell, which can be interpreted as a cooling market as buyers show an inclination toward waiting for better offers rather than acting swiftly.
- In terms of price per square foot, we observe that the average remains at $357 for sold properties, indicating a stable pricing trend among successfully sold homes despite the overall drop in sold prices.
In summary, the dynamics of the current Metro Phoenix residential real estate market suggest that while active listings are on the rise and competition is fluctuating, sellers might need to adjust their expectations and pricing strategies in light of decreased sold prices and increased DOM. Buyers should leverage this moment to negotiate more favorable conditions, as the market showcases elements suggestive of increased choice and potential value for money.
Info About Greater Phoenix
Homes for Sale in 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.
Greater Phoenix Real Estate
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.
Greater Phoenix Golf Course Homes
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!
Brian Adamski, Realtor
Long-Time Greater Phoenix Specialist | Meticulous Attention to Detail
480-405-1265
