After years of rapid price growth and limited inventory, the Phoenix housing market is finally shifting in favor of buyers. A growing supply of homes for sale—combined with longer time-on-market and more price cuts—has given buyers increased leverage in negotiations. Experts attribute the change to higher mortgage rates and affordability concerns cooling demand, leading to more manageable prices and improved options for house hunters.
The median price of a home in metro Phoenix remained about the same as last year, but sellers are now more likely to offer concessions and accept below-list offers. Real estate agents say buyers are increasingly able to take their time, inspect properties, and avoid bidding wars, with many properties lingering on the market longer than in previous years.
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