Phoenix Real Estate Market March 2025 Trends You Need To Know

By Jason Penrose

Jason has been licensed since 1999, and is currently one of the top 20 agents in Arizona for homes sold.

The Phoenix real estate market looks very different from this time last year. More homes are available, giving buyers more choices, while sellers are adjusting their prices to attract offers. With interest rates dropping recently, now could be a great time to make a move.

Right now, there are 27,543 homes for sale in Phoenix, a 38% increase from 19,941 in March 2024. Homes under contract have dipped slightly, with 8,577 pending this year compared to 8,800 last year. Sales have also slowed, with 5,914 homes sold in the past 30 days—2.8% less than the 6,083 sold last year.

The biggest shift is in inventory. The supply of homes has grown to 4.1 months, compared to just 2.7 months last year. More homes on the market mean more choices for buyers, but sellers are now facing more competition. This has led to price adjustments as sellers work to attract serious buyers.

One major factor influencing the market is interest rates. They’ve been dropping recently, but with the bond market fluctuating, they can change quickly. Lower rates have also encouraged more buyers to start shopping, creating a window of opportunity for both buyers and sellers.

In my 25 years of experience in real estate, I can say that this is one of the best opportunities I have seen in Phoenix in a long time. More inventory means buyers have more options, while sellers who price strategically can still find success. Anyone thinking about buying or moving should take advantage of the current market conditions. If you have questions or need guidance, please reach out. You can call me at (602) 738-9943 or send an email to jason@thepenroseteam.com. I look forward to hearing from you.