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2024 Phoenix Real Estate Trends: Navigating the New Market Dynamics

Active Listing, Under Contract and Sold Stats for Greater Phoenix Housing  Market
May 2024 Phoenix Real Estate Stats

As we navigate the complexities of the 2024 Phoenix real estate trends, the market in Greater Phoenix is revealing its new norms, influenced by shifting dynamics that demand adaptation from both buyers and sellers. Despite the persistence of high mortgage rates that continue to reshape market activity, these trends are unveiling distinct opportunities and challenges. Our comprehensive analysis below provides in-depth insights into the current state of the market and anticipates what to expect in the coming months, empowering you to make informed decisions whether you're looking to buy or sell.

For Buyers:

In the ever-evolving 2024 Phoenix real estate market, buyers find themselves in a unique position. With mortgage rates remaining high, the anticipated spring buying rush has transformed, offering new opportunities for those ready to purchase. The current landscape favors buyers with fewer competitive bidding wars, more accommodating sellers, and a larger inventory of well-maintained homes, leading to a more relaxed purchasing process.

Despite a peak in mortgage rates at 7.5% in April, there has been a slight decline to 7.1%, thanks to a stabilizing job market. Yet, these rates still suppress buyer enthusiasm, which traditionally increases when rates fall below 6.5%. However, forecasts from the Federal Reserve, Fannie Mae, and the Mortgage Bankers Association predict a decrease to approximately 6.4% by the end of the year. Should this occur, it could reignite buyer activity, potentially making summer the new spring for home buying in Phoenix.

For Sellers:

The Greater Phoenix housing market has transitioned to a balanced state in 2024. The previous norm of selling homes in "as is" condition with little effort has shifted. Today, market dynamics require that homes be well-prepared for sale, including necessary repairs, updates, and aesthetic improvements to compete effectively.

Supply has increased by 44% compared to last year, yet it remains 27% below historical norms. The combination of increased supply and reduced demand due to high mortgage rates mirrors market conditions seen from 2017 to 2019. In such a balanced market, it is essential for sellers to ensure their properties are move-in ready to attract buyers and achieve a sale, underlining the importance of being well-prepared in a market where details are crucial.


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