Homebuyers in the Phoenix metro area may finally have the upper hand, as recent data suggests a shift toward a buyer’s market. According to a study by ResiClub and Zillow, Phoenix is among ten U.S. metro areas most favorable for buyers due to a combination of increasing inventory and longer market times for homes. Notably, Phoenix saw a 22.4% rise in new listings from February 2023 to February 2024—among the highest increases nationally. Additionally, nearly 63% of listings in the area remained unsold for 30 days or more in February, making it easier for buyers to negotiate prices and terms.
This trend marks a significant change for a city that experienced a frenzied seller’s market during the pandemic, when demand skyrocketed and homes sold quickly, often far above asking price. Today’s market provides potential buyers with more options and greater leverage, a relief for many navigating rising mortgage rates and affordability concerns. Other cities emerging as buyer-friendly include San Antonio, Memphis, and Jacksonville, while regions like Buffalo and San Jose continue to favor sellers due to their tighter inventory and quicker sales.
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