Greater Phoenix Real Estate Market Overview
Greater Phoenix Market Highlights
As of May 6, 2025, the residential real estate market in Greater Phoenix continues to demonstrate fluctuations across various key metrics, indicating shifting dynamics for buyers and sellers.
- Over the past month, the average price of active listings is $786,506, which is $44,016 higher than three months ago.
- The number of active listings has increased significantly to 35,590, up from 29,150 just three months ago.
- Notably, the average days on market (DOM) for sold homes has decreased to 64 days, suggesting quicker sales despite rising prices.
Curious how the Greater Phoenix market has changed over time?
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The data from the Greater Phoenix residential market presents a nuanced picture of current conditions.
- The average list price for active listings rose to $786,506 over the past month, which reflects a notable increase from $742,490 three months prior. This uptick indicates a stabilization of pricing despite an influx of listings, which has climbed to 35,590 active properties, marking a 22% rise since February.
- A deeper insight into the dynamics reveals that sold prices have remained fairly stable at $585,218, only slightly lower than the previous quarter's average of $621,150. This suggests that while sellers may be pricing aggressively, the market is still absorbing these prices effectively, leading to a solid sold-to-list ratio of around 95%.
- Meanwhile, the average DOM for sold homes has prudently decreased from 71 days three months ago to 64 days, enhancing the notion of a quicker turnover among buyers eager to secure homes in a competitive market.
- Additionally, the months of inventory currently sit at 5.3, a slight drop from 5.8 months reported three months ago. This time frame indicates a balanced market, although it's inching toward a seller's market as inventory becomes absorbed quicker.
- Buyers should note that with rising active listings and quicker sales, negotiating power may shift rapidly. It is advisable for prospective buyers to be prepared for competitive offers, as the average price per square foot has also increased to $403, further confirming heightened demand within this market.
In summary, the Greater Phoenix real estate landscape showcases a mix of rising prices and dynamics favoring both sellers and informed buyers. As we watch these trends evolve, strategic planning will be vital for all market participants.
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
Arizona’s Elite: Top 3% Realtor | Your Journey, My Priority
480-405-1265
