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What’s Happening in the Phoenix Market Right Now?

Here’s what you need to know about the Phoenix housing market right now.

Today we have a quick update for you on the Phoenix housing market. The latest numbers are in, and we’re excited to share them with you. We currently have 9,500 active listings for sale. That’s a big 49% decrease from last year when we had 18,300 at this time. As of March 2021, there were about 8,800 homes available, so we’ve seen an 8% increase in inventory month over month. We’ll keep a close eye on this trend. Home sales are up by 15% from this time last year. We had 9,900 homes sell last month compared to 8,400 in 2020. We have just a 0.5-month supply of inventory, down 70% from the already-low 1.7-month supply we had at this time last year. Homes are selling in an average of 32 days right now, which is down 39% from the 52-day average last year.

The population migration to Phoenix right now is incredible.

Here’s a great stat for homeowners: Home appreciation is up 16.8% year to date across the board. Last year during this time, we saw a 6.6% increase. The market has been going up for years, but the appreciation we’ve seen so far this year is simply insane. These numbers aren’t great for buyers, but there are still strategies you can use to win as a buyer in this market. With interest rates still in the 3.5% range after a slight bump, homes are still affordable. If rates were to go up another 0.5%, you’d see about a 5% drop in buying power. Where do we go from here? Right now, 5,500 people are moving here just from California. People are moving here from other parts of the country as well. Our population migration is huge, and the trend is only going to continue. If you have any questions for me about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.