The average cost to buy a home around Phoenix skyrockets to $450k
PHOENIX (AZFamily) — Home prices and inventory are up in the Phoenix area, according to new numbers.
In the Phoenix market, there were more than 21,000 active listings in October—nearly 41% more than this time last year. Even with that, inventory levels are still “historically low” in the area.
“We are not building enough homes, specifically single-family, stand-alone homes to accommodate for the amount of population that is coming here, and that’s putting a lot of pressure on prices,” realtor Trevor Halpern of Halpern Residential at eXp said.
When it comes to prices, the median October sales price is $448,000 in the Phoenix area, which is up $8,000 from August and September. Even though mortgage rates have creeped back up near 7%, Halpern doesn’t expect home prices to drop drastically.
“If I had a crystal ball, I’d probably be looking into it thinking that prices are going to stay relatively steady. We may see a little bit of a dip, a little bit of an increase,” Halpern said.
Mortgage rates dropped to around 6% in September but are now pushing back closer to 7% for a 30-year fixed.
“I think we’re gonna get a little more stability in interest rate activity. We’re probably gonna see it come down a little bit,” Halpern said.
Even though the holidays are typically slower for the Valley real estate market, Halpern says it could be a good time to buy if you’re wanting to be in a new home for 2025.
“So as a buyer, you have an opportunity during the holiday season to get that house because there aren’t other people competing for it, so you can get in there,” he said. ”You can potentially negotiate a better price. You can potentially negotiate better concessions.”
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