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As we move through April 2025, Phoenix’s real estate market is experiencing some notable changes compared to this time last year. If you’re thinking about buying or selling in Phoenix, I have some important market insights to help guide your decisions. Here’s everything you need to know:
Current listings. As of April 2025, there are 29,297 homes available on the market, which is a 41.4% increase from 2024 when there were only 20,713 homes listed. This increase means more options for buyers. The number of homes under contract has also increased, with 8,966 homes under contract, up 3.2% from last year’s 8,690. The number of homes sold is also slightly up, with 7,247 homes sold this year compared to 7,179 in 2024.
Months of supply. One of the biggest changes we’ve seen in the market is in the month’s supply of inventory. This year, we have 3.5 months of inventory, compared to just 2.4 months in April 2024, which is a 45.8% increase. The increase in supply is notable, but we still have fewer than four months of homes available for sale.
What do these numbers mean? There are more homes on the market, but the increase in sold homes is still relatively modest. We are also seeing a rise in canceled and expired listings, which means some homes are coming off the market without being sold.
Interest rates have also started to drop, and buyers are eager to lock in a lower rate before they rise again. Federal Reserve Chairman Jerome Powell recently said that he does not plan to lower rates anytime soon. If rates continue to decrease in the future, refinancing could be an option for those who lock in now.
If you’re thinking about buying or selling a home, don’t hesitate to reach out. I would love to help you with any questions or next steps in this changing market. You can contact me at (602) 738-9943 or send an email to jason@thepenroseteam.com. I look forward to hearing from you.
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Let’s Explore Your Selling Options. I’ll help you sell your home at the price and terms you want. Free Selling Strategy Call
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