How much should I offer on a home in Phoenix?

There's no single magic number to offer, but keep in mind that homes in Phoenix are generally staying on the market longer and prices have gone down slightly over the last year. This means you might have some room to negotiate. The median listing price in Phoenix is $498,000. This is 5.1% lower than it was last year, and it went down a tiny bit (0.2%) just last month. This trend suggests prices are not currently increasing. Homes are also sitting for about 60 days before they sell, which is a bit longer than last year. Plus, almost one-third (28.2%) of homes have had their prices lowered. This tells us sellers are having to adjust their expectations. There are also fewer homes for sale right now compared to last year, with 19,514 active listings, a 4.1% drop year-over-year. However, more new homes are coming on the market, up 9.5% from last year. Consider what you're comfortable paying, but also remember that current market conditions might allow for an offer below the asking price, especially if the home has been on the market for a while or has already had a price drop.