What is the status of the Real Estate Market in Phoenix?

If you're considering selling your home in Phoenix, AZ, you may be wondering about the current state of the real estate market. As one of the fastest-growing cities in the United States, Phoenix has experienced significant changes in its housing market. In this blog, we'll provide you with an overview of the current real estate market in Phoenix and offer guidance to help you navigate the selling process successfully.

Phoenix is currently experiencing a seller's market, which means that demand for homes exceeds the supply. While this may be hard to believe with rising interest rates and the national media calling for a bubble breaking in the housing market. Currently, we have just over 11,000 homes for sale. While this is up signifcantly over the amount of inventory of Jan 2022, this is down from our high last year. We are back to seeing multiple offers on homes below $600,000.

In addition to multiple offers, we are also seeing home values start to inch up again. Again, nothing like we saw in 2021 as this was just unsustainable. If prices are heading up with interest rates, what is your prediction should interest rates start to inch down?

So where is this demand coming from? The Phoenix area continues to see people moving in from all across the country. The vast majority of people moving to Phoenix are coming from California, Washington, Oregon and Illinois. Whether it is higher taxes, political disagreements or the value they can get for their money, Phoenix is an attractive place to call home.

While the market is not the same as it was in 2020 or 2021 it is still moving. In that market it did not take much to sell a home. Now the market will require a professional to not only get your home ready for sale but also develop the marketing to get it out to the serious home buyers. If done correctly, you can embrace the advantages the Phoenix market offers and embark on your home selling journey with confidence.