"The median listing price in Phoenix dropped 6.0% year-over-year to $469,838, significantly more than the national decline of 2.1%. Nearly 30% of active listings had taken a price cut in March, compared to just 16.3% nationally."
"Active listings in Phoenix hit 3,726 in March, up 6.6% from a year ago, slightly outpacing the national growth rate of 6.2%. This increase in inventory means buyers have more choices and less pressure."
"The typical home in Phoenix spent 52 days on the market in March, which is a 10.6% increase from a year ago. This extended time on the market benefits buyers by providing more opportunities to negotiate."
The Phoenix housing market has recently shifted to favor buyers, with a 6.0% year-over-year drop in median listing prices to $469,838. Active listings increased by 6.6%, surpassing the national growth rate. Nearly 30% of listings experienced price cuts, indicating sellers are adjusting to the market. Homes are taking longer to sell, with the typical duration rising to 52 days. This trend provides buyers with more options and leverage, while sellers must price competitively from the start.
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