Metro Phoenix’s housing market continues to favor buyers as 2025 approaches, according to recent data. With an increase in available listings and relatively stable prices, home shoppers now have more choices and negotiating power than in recent years. The market shift comes after a prolonged seller’s market, spurred primarily by low interest rates and high demand that sent prices soaring. However, as mortgage rates climbed, buyer demand slowed, prompting sellers to offer incentives and, in some cases, lower prices to close deals.
Experts predict that, unless there is a drastic change in interest rates or inventory levels, the buyer-friendly conditions may persist. Active listings remain higher than typical for this time of year, and price growth has cooled. While some neighborhoods still see competition for move-in-ready homes, most buyers are benefitting from increased leverage in negotiations, especially on homes that have been on the market for several weeks.
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