Is now a good time to sell my home in Phoenix?

Now might be a challenging time to sell your home in Phoenix, as prices have been dropping, and a significant portion of sellers are reducing their asking price. While slightly fewer homes are sitting on the market compared to last year, the overall trend suggests cooling demand. The median price for homes currently listed is $489,500. This is a bit lower than last month, down by 1.7%, and it's almost 6% less than what homes were listed for at this time last year. This trend suggests that sellers might need to adjust their price expectations. Nearly 29% of homes for sale have had their prices lowered. This is slightly less than a year ago, but it still means many sellers are finding they asked too much initially. It could also mean it's taking longer to find a buyer at their original price. There are just over 18,700 homes for sale right now, which is a small decrease from last year. However, the number of brand new listings coming onto the market has increased by 6.6% compared to last year, adding more choices for buyers. Homes are staying on the market for an average of 64 days, which is about the same as last year. While this isn't a significant change, combined with falling prices and more new listings, it points to a market where buyers have more options and less urgency. If you're thinking about selling, be prepared for a market where prices are softening and you might need to be flexible with your asking price to attract a buyer.