📊 Market Overview
Supply once again grew faster than demand in October, but the pace is slowing. Lower mortgage rates offered some relief, yet demand remains sluggish. While activity improved compared to last year, volumes are still below normal.
🏠 Sales Market
- Active Listings: 22,511 (↑17.4% YoY)
- Median Sold $/SF: $265.50 (↓1.9% YoY)
- Average Days on Market: 62 (↑21.6% YoY)
- 30-Year Mortgage Rate: 6.30% (lowest since early 2024)
Commentary:
Buyers with strong capital, especially in the luxury and super-luxury tiers, continue to transact confidently. Meanwhile, first-time and move-up buyers remain hesitant due to affordability concerns and job market uncertainty.
🏘️ Rental Market
- Active Rental Listings: 6,170 (↑17.1% YoY)
- Median Rent $/SF: $1.30 (↓2.3% YoY)
- Median Days on Market: 42 (↑16.7% YoY)
Commentary:
Rental inventory continues to climb, and median rents are softening slightly. Tenants now have more options, pushing landlords to compete with better property conditions, responsive management, and strategic pricing.
💬 Takeaway
The Phoenix metro market in October 2025 is split:
Luxury buyers are thriving, while demand from entry-level and mid-tier buyers remains muted.
Supply is stabilizing, rates are easing, and confidence could build, but for now, the market remains cautious.