Since our last update in early November, housing inventory across the county has risen. This Phoenix metro market update for January 2025 will cover current conditions and sales since November 1, 2024. As of January 25, 2025, there are 22,258 active listings in Maricopa County which have been on the market an average of 91 days. Despite this being the prime selling season, days on market has increased–the primary reason being a rise in already high interest rates.
There are 6738 pending sales and 741 “coming soon” listings. Contract activity has been relatively good–there was a sharp spike in pending sales between December and January–see chart below.
Since November 1, 2024, there have been 14014 sold properties. Here are some MLS stats for recent sales:
- Average days on market: 75
- Average list to sale price ratio: .97
- Average sold price per square foot: $306
- Average sold price: $607,034
Market Summary
After the recent jobs report came out, already high interest rates rose again. While home prices have come down some, current pricing around the county makes it difficult for many to afford a home–especially when rates are above 7%. We are continuing to see sellers offer concessions, make repairs and buy down interest for home buyers. We may see more homes hit the market over the next few months, but we expect sales to continue due to net migration into the Phoenix metro area. The recent California fires will likely drive more folks into our area, but this may take some time due to insurance settlement issues. For buyers, there is a fair amount of inventory to choose from and sellers are more reasonable now (in general) when it comes to negotiations. For sellers, it is critical to price the home properly and to prep the home really well.
