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

Deciding to sell your home right now in Phoenix really depends on your personal situation, but the market shows prices are a bit lower than last year. The median listing price in May is $498,000, which is down 5.1% from a year ago. Homes are also staying on the market a little longer, around 60 days. This is up 3.5% compared to last year, meaning it might take a bit more time to find a buyer. There are fewer homes for sale overall than last year, with active listings down 4.1%. However, more new homes are coming on the market, up 9.5% from a year ago. This could mean more choices for buyers. Nearly a third of homes, 28.2%, had a price reduction. This rate is slightly lower than last year, but it suggests many sellers have to drop their initial asking price. If you are selling, pricing your home competitively and being prepared for it to be on the market for a couple of months could be helpful.