Phoenix’s housing market has recently shifted in favor of homebuyers, marking the first buyers’ market the area has seen in over a decade. According to Redfin data, the metro Phoenix area is now more advantageous for buyers because there are more homes available and sellers are more willing to negotiate on price and concessions. This change is driven by homes sitting longer on the market and a rise in inventory, giving buyers more options and leverage.
Despite steady prices, higher mortgage rates have contributed to the slower pace, and buyers can now expect less competition and greater flexibility from sellers. Real estate experts note that while not all neighborhoods are experiencing these changes equally, the overall trend suggests Phoenix home shoppers have their best opportunity in years to negotiate and find a property that suits their needs.
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