Phoenix Metro Real Estate Update: What’s Happening in the Market? 🏡📉

Are you thinking about buying or selling in the Phoenix Metro area? Here’s an update on the market trends through November, and what they mean for you.

 

💡 Key Highlights for Buyers and Sellers:
1️⃣ Fewer Homes Are Selling:
The second half of 2024 (H2) is lagging significantly behind the first half (H1) in sales. Out of 17 cities analyzed, all but one are selling fewer homes in H2.

  • To catch up, Maricopa County would need to close nearly 8,789 additional homes in December to match H1—a near-impossible task with November closing just 4,114 homes.
  • Some of the biggest declines include:
    • Phoenix: Down 1,704 homes in H2.
    • Mesa: Down 1,171 homes in H2.
    • Scottsdale: Down 1,067 homes in H2.

 

 

2️⃣ Median Sales Prices Are Shifting:
While some cities like Fountain Hills and Scottsdale saw slight increases in median sales price in H2, others experienced declines, including Anthem (-4.72%) and Litchfield Park (-5.35%).

 

 

3️⃣ Year-to-Date (YTD) Appreciation:
Despite fewer sales, some cities are holding their value and even appreciating.

  • Tempe leads with an impressive +11.07% appreciation YTD.
  • Peoria follows at +9.01%, and Laveen comes in at +8.07%.

💼 What This Means for You:

  • Sellers: Pricing your home correctly is more important than ever in this market. Cities showing strong YTD appreciation could still attract motivated buyers.
  • Buyers: While the number of homes for sale is declining, opportunities still exist to find the perfect home, especially in areas with stable or declining prices.

📊 Check out the charts in this post for more insights into what’s happening in the market.

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