PHOENIX — Valley homeowners looking to sell their houses are discovering they need more patience than in previous years, as new data reveals Phoenix-area homes are staying on the market significantly longer.
A median of 70 days according to realtor.com data.
The housing market has experienced a notable shift since 2023, when rising interest rates caused home buying activity to stall across the region.
Market trends show seasonal patterns disrupted
Home buying typically follows seasonal patterns, with days on the market fluctuating about 10 days each year. However, this predictable trend changed dramatically in 2023.
Since the market shift began, Phoenix homes have remained on the market for a median of 70 days or more during four different months - a significant increase from historical norms.
Inventory builds as homes linger
The extended time on market has led to increased inventory throughout the Valley. Last month, 17,400 homes were available for sale in the Phoenix metro area.
While not a record high, this inventory level ranks among the higher totals, with only seven other months since 2023 showing greater availability.
Phoenix outperforms many major metros
Despite the challenges, Valley homes are actually selling faster than many other major metropolitan areas across the country. Phoenix sits just under the national median of 73 days on market.
Austin leads the nation with the longest wait times, where homes sit for a median of 88 days. Denver, Las Vegas and Dallas all exceed Phoenix's median days on market, while Houston performs better at 64 days.
Florida presents the most challenging market conditions, with all major metros in the state seeing homes remain available for over 80 days.
Eastern markets show mixed results, with Atlanta, Charlotte and New York posting comparable numbers to Phoenix, while Washington D.C. homes sell even faster.
Valley zip codes show wide variation
Within the Phoenix metro, location significantly impacts selling speed. Homes in Mesa's 85202 zip code and Glendale's 85303 area move fastest, with a median of 51 days on market.
North and west Phoenix properties typically sell within 56 days, while Chandler and Maricopa homes average 57 days.
However, several areas experience much longer waits, with homes in two downtown Phoenix zip codes and Casa Grande sitting for over 100 days. Most of these slower-moving markets are located well outside the core Valley area.
Price and rate combination drives delays
The extended market times stem from the combination of home prices and interest rates, neither of which has moved substantially in the past year.
Home prices have declined approximately 4%, while average mortgage rates have dropped almost a full percentage point. However, 30-year fixed rates remain above 6%, continuing to impact buyer demand.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
