What You Need to Know About Arizona’s Real Estate Market in November

By Jason Penrose

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

The current market might feel overwhelming if you consider buying or selling a home. Managing the real estate market can be daunting, especially with all the changes this past year.

This year, we’ve seen a dramatic shift in Arizona’s real estate landscape. In October 2023, there were 17,831 active home listings. Fast forward to October 2024, which jumped to 24,279—a 36% spike. That’s a lot more homes up for grabs. With all these options, many are asking why homes are still flying off the market.

First, interest rates have been on a rollercoaster. A year ago, rates were brushing 8%, and now they’ve dipped to about 7%. This shift is significant. A lower rate means more buyers can afford to jump in, and that’s precisely what they’re doing.

Over the past decade, 650,000 people have moved to Arizona—with about 175 new faces arriving daily from California alone. Think about that for a second. That’s a steady stream of people looking for a place to call home. This influx of residents fuels demand and keeps the market resilient, even when other areas across the country might be seeing slowdowns.

This is excellent news if you’re selling. More buyers mean more competition for your home, translating into better offers. If you’re buying, the good news is that more homes are available, giving you more options to find exactly what you’re looking for.

So, what does this mean for you? Whether you’re on the fence about selling or itching to buy, now might be the perfect time to act. Interest rates are more favorable than last year, and with more homes on the market, you have more leverage as a buyer. But don’t wait too long. Arizona’s housing market has shown it can shift quickly.

I read this news, study the numbers, and meet with clients like you daily. One thing I’ve learned is that information is power. And in real estate, making the right move at the right time can change everything. Contact me at (480) 769-7217 or theboss@thepenroseteam.com to take advantage of the market offers. I’m here to answer your questions, provide insight, and help you handle this market confidently. Don’t miss the opportunities sitting right in front of you.