Market Update

As we enter the customary busy spring season in Arizona real estate, the market is sending mixed signals. We are seeing buyer demand increase with slightly reduced interest rates and the expectation those rates will only get lower from here. However to offset that increased demand, we are seeing in increase in homes coming on the market as well. The resulting outcome is the market as a whole is trending sideways with a small edge towards being a sellers market, meaning prices will continue to appreciate, albeit at a moderate rate.

Most cities are moving in favor of sellers and a few are moving slightly towards buyers favor. The market is heavily dependent on your specific city and price point right now.

The average sale price is sitting at $568,000, up from $528,000 one year ago.

Rental prices are generally flat since August of 2022, and rentals are averaging $1.35/ft down from $1.40 per ft.