Phoenix home prices are experiencing modest growth as the real estate market stabilizes, according to recent data. After the pandemic-driven housing boom and subsequent cooling, the market appears to be returning to more typical seasonal patterns. Analysts say home prices in the Phoenix metro area have increased by about 1.5% over the past year, a sign of steady — though not dramatic — appreciation. Reduced competition among buyers and gradually increasing inventory are contributing to these normalized conditions.
Experts note that while the market is no longer as frenzied, affordability remains an issue for many prospective homeowners due to elevated interest rates and lingering price increases from the last few years. Real estate agents report that sellers are adjusting their expectations, pricing homes more realistically to align with current demand. Buyers, on the other hand, are becoming more selective, taking time to evaluate options in a market that is giving them more breathing room than in previous years.
Read more about Arizona home prices.
