The Phoenix metro area is seeing signs of a shift toward a buyer’s market, with more homes available and a slower pace of sales. According to real estate experts, inventory has increased significantly compared to recent years, giving potential buyers more options and greater negotiating power. This trend marks a contrast to the frenzied seller’s market that dominated the region during and after the COVID-19 pandemic, when bidding wars and fast sales were commonplace.
Despite mortgage rates hovering near 7%, the market is balancing as more homeowners list properties and buyers wait for opportunities. The new landscape allows purchasers to take their time, potentially negotiate for repairs or price reductions, and weigh more properties before making a decision. With these changes, Phoenix’s real estate experts recommend buyers stay alert for well-priced homes and act decisively when the right opportunity arises.
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