The number of homes sold increased 4.1% compared to last year, according to January data from Phoenix REALTORS®. With the market advancing, new home listings surged 12.1% for the month compared to January 2024. Metro Phoenix median home prices also increased, up 5.8% for Greater Phoenix to $490,000 from $463,000 a year ago.

“This is the third month in a row that closed sales rose over the previous year; that’s an encouraging start for 2025,” said Christy Walker, board president of Phoenix REALTORS. “With the continuing increase in new listings, the market is showing more choices for buyers across all price ranges.”

Coming off a busy holiday season, pending sales dropped 34.5%, from over 5,100 offers last year to nearly 3,350 in January. The number of days a home is on the market increased from 68 to 77 days.

Even with a rising median price and buyers offering a steady 98% of the asking price, houses are still available across various price ranges. The inventory for homes priced under $300,000 jumped 19.7% over last year. For homes priced in the $300,000 range, the inventory climbed 38.4%. The largest inventory increases came with homes in the $400,000 range rocketing 48.7%, and homes over $500,000 jumped 39.0% over last year.

“Greater Phoenix is still a fast-growing market,” Walker said. “Thousands of new jobs are coming online this year, largely driven by the Arizona Commerce Authority playing a key role in attracting major investments such as Nestle’s manufacturing plant, Meta’s data center and the Taiwan Semiconductor Manufacturing Company’s production facility. With thousands of new jobs predicted, this should continue to drive up demand for housing.”

Phoenix

In the city of Phoenix, the median single-family home price rose 5.4% to $485,000, along with a small increase in the percent of listing price received. The number of new listings also jumped 11.2%. Phoenix saw closed sales down slightly, 1.4%, and pending sales drop 37%.

Scottsdale

Scottsdale’s median home price skyrocketed 31.6% to $1,315,000 compared to $999,500 last year. This reflects a trend of increased luxury home sales in the city. Activity is robust, with closed sales rising 18.2% against a 2.9% increase in listing. Pending sales dropped almost half to 44.8% over year-ago data. Days on the market increased from 74 in 2024 to 85 last month.

Surprise

In year-over-year data, a 10.1% increase in new listings was offset by declines of 26.9% in pending sales and 3.8% in closed sales for Surprise. The median sales price for a single-family home was essentially flat, up 0.6% to nearly $434,000.

Pinal County

Significant industrial development associated with vehicle and parts manufacturing and technology support drove Pinal County’s median home price by 3.0% to $380,000. Closed sales rose 2.0%, and new listings jumped 18.8%. Pending sales declined by 26.7% over last year. Days on the market fell almost 7.0% compared to 2024.

Goodyear

Goodyear and other southwest Valley cities showed strong positive trends in year-over-year data. The median sales price was flat, moving up 0.3% to almost $482,000, while vigorous activity showed pending sales jumping 35.2%, closed home sales rising 26.5% and new listings increasing by half, 49.5%.

Buckeye

In the far West Valley, Buckeye didn’t pick up on the higher results in neighboring cities. With its closed sales dropping 9.1%, pending sales down 27.7% and days on the market rising sharply by 29.6%. The median price change didn’t disappoint, increasing 7.3% to $418,320.

Learn more about Phoenix REALTORS.  – more at azbigmedia.com