🏡 Sales Market
Active Listings: 4,094 (-0.9% YoY)
→ Inventory is essentially flat year-over-year after several months of growth, signaling a stabilizing supply level
Median Sold $/SF: $279.94 (-3.3% YoY)
→ Prices remain under pressure compared to last year, though showing some month-to-month resilience
Average Days on Market: 47 (+2.2% YoY)
→ Homes are taking slightly longer to sell than last year, but still moving at a relatively healthy pace
30-Year Mortgage Rate: 6.44%
→ Rates increased this month, which may begin to impact affordability and buyer demand heading into spring
🏘️ Rental Market
Active Listings: 1,219 (-12.9% YoY)
→ Rental inventory has declined significantly, marking a shift toward tighter supply conditions
Median Rented $/SF: $1.46 (-2.3% YoY)
→ Rents remain slightly below last year, though relatively stable compared to recent months
Median Days on Market: 40 (+21.2% YoY)
→ Rentals are taking longer to lease, indicating softer demand despite reduced inventory
📉 Key Takeaways
- Sales inventory is stabilizing after months of increases
- Home prices remain below last year but are showing signs of leveling off
- Homes are still selling at a steady pace despite slightly longer timelines
- Rental supply has tightened significantly, but leasing demand has softened
- Rising mortgage rates could slow buyer momentum moving into peak season
👉 Overall:
Phoenix’s market is entering a stabilization phase. The sales market remains balanced with steady inventory and moderate pricing pressure, while the rental market is tightening but facing slower leasing activity. As mortgage rates rise, affordability will continue to play a key role in shaping both buyer and renter behavior through the spring market.