A BIG RATE DROP is likely to bring more buyers into the market, with the 30-year fixed now around 6.29%, its lowest in nearly a year. Lower borrowing costs boost confidence, though inventory, while improving from last year, still trails pre-pandemic levels. This tight supply has kept home prices resilient, even as higher monthly payments continue to stretch buyers’ budgets and hold back overall sales volume.
Greater Phoenix Metro
The metro area in general is shifting towards a balanced market. Median price holds near $470K, little changed from last year. Inventory is rising, giving buyers more options, though homes are taking longer to sell. Realistic pricing is key—overpriced listings are sitting longer compared to 2024.
Scottsdale
Scottsdale remains a price-sensitive, somewhat competitive market. Homes are taking longer to sell, with modest discounting to list and fewer closings than last year. In the luxury tier, sellers are offering more concessions to secure deals, while well-priced homes in desirable neighborhoods still move steadily. Conditions may tighten further as rates continue to lower and more buyers re-enter the market.
BUYERS:
Lower rates combined with rising choice create better negotiation room or price drops, especially in the luxury segment, where sellers are making more concessions. Consider moving NOW to capitalize on the rate drop before prices rise with increased buyer activity.
SELLERS:
Buyer activity is improving as rates decrease. If you want to sell now, The market rewards competitive pricing and strong presentation. Homes that show well and are priced competitively are still moving, especially with rates on a downward trend, while overpriced listings are sitting much longer. In the luxury tier, expect longer selling timelines and be prepared to offer concessions to secure a deal.
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