After years of soaring prices and fierce competition, the Phoenix housing market is finally beginning to favor buyers. Inventory has steadily grown, giving home shoppers more options and increased negotiating power. Real estate experts attribute the shift to higher mortgage rates and a cooling post-pandemic demand, which have slowed the once red-hot market. Sellers are now more inclined to make concessions, and bidding wars have become far less common—marking a notable change from conditions just a few years ago.
While home prices remain relatively high compared to pre-pandemic levels, analysts say buyers are gaining leverage as listings sit longer on the market and price cuts become more frequent. The shift provides a fresh opportunity for would-be homeowners who were previously priced out or discouraged by intense competition. With interest rates likely to remain elevated, industry professionals suggest this buyer-friendly trend may continue into 2025.
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