Greater Phoenix Housing Market Update

Hello everyone. Welcome back to LUXE BLOG. Last week, Realtor.com’s January Housing Report came out. And it had SOLID NEWS regarding Arizona. The Greater Phoenix housing market started 2024 with a flurry of activity! All of which is good news. Most notably? Greater Phoenix homes for sale saw the SECOND LARGEST drop in ‘time on market’ in the nation (compared to 2023). Let’s break down the key statistics to understand the evolving landscape:

Inventory & Market:

• More Choices: Active listings rose 7.9% year-over-year, signaling a healthier market with ample options for buyers. This is good, because local inventory has been VERY LOW.
• Stable Prices: Median listing prices rose modestly by 1.4%, indicating a balanced pricing environment despite rising inventory.
• Faster Sales: Homes in ‘The Valley’ are selling quicker, spending 14 fewer days on the market compared to 2023, marking the second-fastest turnover across major U.S. cities. This reflects growing seller confidence and responsive buyers.

Also Read: Analyzing Expert Predictions For The 2024 U.S. Housing Market

New Listings & Buyer Interest:

• National Surge: Over half of the 50 largest metros saw INCREASED new listings. Most notably? Denver (21.3%), Seattle (20.6%), and Miami (20.2%).
• Regional Differences: Conversely, Chicago, New Orleans, and Philadelphia witnessed declines, highlighting diverse market behaviors.
• Quick Absorption: Greater Phoenix, Las Vegas, and San Francisco saw the fastest absorption of new listings, demonstrating strong demand.

Affordability & Financial Considerations:

• Financing costs for a typical home rose by 5.4% monthly year-over-year.
• The required household income for purchasing a median-priced home increased to $84,000.
• While costs rose, the slower monthly growth (5.4% vs. 6.1% previously) suggests easing pressure on buyers due to falling interest rates and stable prices.

Navigating The Local Market:

Greater Phoenix’s housing market is ever changing. Understanding these trends is critical to solid decision-making. By staying updated buyers and sellers can effectively navigate the market much better. Here at Williams Luxury Homes, that’s what we help our clients do. Anyone familiar with LUXE BLOG knows that we constantly update our site with info. And we hope you find it helpful.

Also Read: Key Takeaways From The Latest Freddie Mac House Price Index

Key Takeaways:

• The Phoenix Metro saw a 14-day drop in time-on-market.
• More listings offer buyers more choices.
• Stable prices create a balanced market.
• Faster sales indicate strong demand.
• Regional market dynamics vary significantly.
• Financial considerations require thoughtful planning.

Interest In Buying And/Or Selling Real Estate?

Part digital, a WHOLE bunch human, Williams Luxury Homes is here to help. With hundreds of years of combined experience, as well as $1 billion in Arizona real estate sales, we protect our clients. And we help them achieve success. ‘The Valley’ has over 20 municipalities and we know them all VERY WELL. Should you want to discuss individual property types or areas, we’re here for you. Thank you for stopping by WilliamsLuxuryHomes.com. See you soon.