For years, the average home sale price in Phoenix has been increasing, but the Valley is starting to experience a slight cool down period. According to the March 2023 Cromford report, the monthly median sales price in Greater Phoenix was $420,000, compared to a median of $462,000 last year. This is coupled with the fourth lowest count in active MLS listings in over 18 years. For buyers and sellers navigating the market, it’s important to understand what these figures mean.
Decrease in home values in Phoenix since last year
Phoenix has led the nation in home price increases for a few years now and there has been a rise in values around the Valley since even before the pandemic. Now, prices are slowly decreasing, but are still far from low. Homes are now more affordable than in years past, however, the competition between buyers remains due to low inventory across the Valley.
Reasons for the current market cooling
The current Phoenix housing market cooling reflects changes in the economy and the current availability of inventory spread throughout the Valley. Signs that home buying and selling is calming down have been persistent, and fortunately there are no signs of a crash. A cooling market doesn’t always mean lower home prices, but the prices may rise at a slower pace. The real estate market could benefit many buyers in 2023 if inventory starts to increase again.
Work with a trusted agent to help you sell or buy your home at the right price
The housing market is filled with uncertainty. By choosing to work with an educated real estate agent, you make better, more educated decisions when selling or buying a home with their expertise. The process of purchasing a home requires time and effort, which can be complex and stressful. Agents are constantly in various transaction stages with their clients, so they are well versed in the process and can hold your hand through each tedious step. With your agent, you should be able to find the right property, negotiate an affordable price and overcome any obstacles.
The Phoenix housing market is competitive, and anyone looking to purchase a new home should pay attention to new listings on the market an the home sale price in Phoenix. While the future is unforeseen, a cooling market is a good sign for buyers.
Author: Rich La Rue is the Designated Broker for HomeSmart Phoenix, the flagship brokerage operation in the HomeSmart system. For more information, visit www.richlarue.com.