Navigating the Phoenix Housing Market: September 2025
Phoenix continues inching toward a more buyer-friendly landscape. Prices and mortgage rates are ticking down, and while demand is improving, the buyer pool isn’t deep. Sellers who price correctly, present beautifully, and are ready to help with closing costs are the ones moving quickly.
Market Snapshot (ARMLS: Sept 1, 2025 vs. Sept 1, 2024)
Active Listings (excl. UCB/CCBS)
23,238 vs 18,430 last year — up 28%, but down 2.2% from 24,091 last month.
Active Listings (incl. UCB/CCBS)
26,650 vs 21,047 last year — up 27%, but down 1.7% from 27,115 last month.
Pending Listings
4,149 vs 4,041 last year — up 2.7%, but down 4.5% from 4,345 last month.
Under Contract (Pending+CCBS+UCB)
7,260 vs 6,658 last year — up 9.0%, but down 1.5% from 7,369 last month.
Monthly Sales
5,900 vs 5,727 last year — up 3.0%, but down 4.7% from 6,193 last month.
Avg $/SF
$281.04 vs $288.98 last year — down 2.7%, and down 1.3% from $284.84 last month.
Median Price
$442,540 vs $440,000 last year — up 0.6%, and roughly flat month-over-month from $451,995.
What This Means for Sellers
Supply fell again in August (-2.2% month over month for active listings without a contract), but cancellations were elevated (4,737 over the last two months vs. 3,516 a year ago). Heading into fall, seasonal patterns typically bring more supply between Labor Day and Thanksgiving.
- Price it right: Correct pricing is the difference between a quick sale and stale days on market.
- Presentation wins: Clean, neutral, move-in-ready homes rise to the top of buyer tours.
- Plan for concessions: Be ready to help with closing costs or a modest rate buydown to widen your buyer pool.
What This Means for Buyers
Buyers benefit from improved affordability: average price per square foot is 2.7% lower than last year, and with inflation running near 2.7%, real affordability in $/SF terms is more than 5% better than a year ago. Mortgage rates nudging toward ~6.5% have coincided with stronger demand, with listings under contract up 9% year over year. And while August had only 21 working days vs. 22 last year, closed sales per day were about 8% higher.
- More leverage: More selection and sellers willing to negotiate.
- Use concessions: Apply seller credits to reduce closing costs or buy down your rate.
- Act on standouts: Well-priced, well-presented homes still move quickly.
Thinking about your move? Get a pricing strategy and a custom plan for your situation. Schedule a quick consult or call/text 623-252-1424.
Source: The Cromford® Report | ARMLS data as of September 1, 2025.