What's Up With Real Estate? Phoenix

Phoenix Real Estate Update: November 2024

The real estate market in Phoenix is heating up, and whether you're buying or selling, it's essential to know the latest trends. Let’s break it down in a way that makes sense and helps you take action in this dynamic landscape.

For Sellers: Your Moment to Shine

Phoenix continues to be a seller’s market, with rising home prices driven by strong demand and limited inventory. Homes are selling fast—often at or above asking price. Thinking about selling? Now’s the time to maximize your return.

The influx of new residents moving to Phoenix for its warm climate and affordability is fueling competition. Buyers are also increasingly seeking homes with smart technology and energy-efficient features. A few upgrades could mean a quicker sale at a higher price. Let’s make your home stand out!

The Big Picture: National Trends Driving Phoenix Real Estate

The Federal Reserve’s decision to hold interest rates steady is a win for buyers, keeping mortgage rates manageable and potentially increasing competition. For sellers, this creates urgency among buyers who want to lock in a favorable rate.

Sustainability is also trending nationwide. In Phoenix, energy-efficient homes are in demand—not just for their eco-friendliness but for their ability to tackle high summer cooling costs. This is a key selling point to keep in mind if you’re listing your home.

Phoenix Market Snapshot: November 2024

• Median Home Price: Up 8% year-over-year, reflecting strong growth and demand.
• Inventory: Less than three months’ supply—still firmly a seller’s market.
• Hot Trend: Condos are gaining traction, offering affordability and urban convenience for first-time buyers and downsizers.

Bidding wars remain common, especially for single-family homes in sought-after neighborhoods. If you’re planning to buy, be ready to act fast and strategically.

Your Next Move

Sellers: The stars have aligned—capitalize on high prices and motivated buyers.
Buyers: Don’t let the competition discourage you. With expert guidance, you can secure your dream home while taking advantage of steady interest rates.

Phoenix is thriving, and the opportunities are here for the taking. Let’s navigate the market together and make your next move the right one. Reach out to get started!

Stay tuned for more updates as we keep a pulse on the Phoenix real estate market!