In May 2025, Greater Phoenix broke from the national trends in residential real estate performance as single-family home sales outperformed those nationwide, according to Phoenix REALTORS® data.

Across the United States, in year-to-date comparisons with 2024, the National Association of REALTORS® reports that median home sales prices are down 0.6%, new listings have decreased by 2.2% and pending sales have declined by 31.4%. During the same period in the Phoenix REALTORS’ region, new listings increased by 13.2%, pending sales decreased modestly by 5%, and the median sales price rose by 1.3%.

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“Once again, we faced a challenging month for home sales, but we’re bucking the national trends,” said Christy Walker, board president of Phoenix REALTORS. “Houses are taking longer to sell, but there are buyers in the market and a good selection of homes for sale.”

Although pending sales dipped in year-to-date comparisons with 2024, nearly 25,800 homes have gone under contract this year. The number of closed sales increased 2.2% over last year’s seasonal total to 26,675 so far this year.

The number of new listings has some calling this a “buyer’s market.” New listings climbed to a year-to-date total of almost 42,000 homes, although the number of listings in May dropped 2.2% compared to 2024. Those 7,460 homes newly listed in May sit close to the monthly average of the last 10 years. In comparison, May 2022 saw nearly 12,000 new listings hit the market, the highest level since 2010.

“It’s taking longer to sell homes right now,” Walker said. “The increased inventory is giving buyers more homes in their price range than they had last year. It also means they can take longer looking and deciding to buy.”

The year-to-date median price in Greater Phoenix rose to $485,000 from $479,000 in the same period last year. While home prices rose, the Housing Affordability Index remained unchanged at 66. The HAI reflects the percentage of households in the area with an income that qualifies them for a median-priced single-family home. Here’s a look at local residential real estate trends.

Phoenix

Median home prices in the city of Phoenix remained flat at $490,000, matching the year-to-date figure from 2024. New listings rose 11.4%. Pending sales dropped 7.1% while closed deals rose almost 1%.

Scottsdale

Scottsdale’s year-to-date median home price jumped 7.7% to $1.24 million so far in 2025, up from $1.15 million last year. New listings increased 8.5% while pending sales slumped 7.4%. The number of closed sales, however, rose 5.8% over last year.

Gilbert

New listings surged in Gilbert, up 21.7% over the same period last year. Pending sales dropped more than the market average, down 9.0%, and closed sales were flat. The median sales price in the southeast Valley city remained unchanged at $600,000, compared to last year.

Goodyear

In the West Valley, Goodyear experienced significant increases across the board, with notable growth in new listings, pending sales, and closed sales. Although prices declined 1.3% to $479,000 from $486,000 in 2024, closed sales increased 33% compared to the same period last year, pending sales rose to a Valley high of 28.4%, and new listings increased 29.5%.

Surprise 

The northwest Valley city of Surprise also saw a slight slip in median sales price, down 0.2% to $435,000 from $436,000 last year. Listings rose 23.3%, while pending sales dipped 0.9% and closed sales rose 1.1%. The month’s supply of inventory in the city grew dramatically, 62.5% from 3.2 to 5.2 months in year-over-year comparisons.

Pinal County

New listings in greater Phoenix’s southern county increased 11.2% over the same five months last year. Pending sales remained unchanged from 2024, while closed sales increased by 4.2%. The median price of a home in Pinal County increased 0.8% to $383,000. Pinal County includes the fast-growing markets of San Tan Valley, Maricopa City and Casa Grande.

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