Is Phoenix a good market for real estate investment?

The Phoenix-Mesa-Chandler area shows a slight dip in prices, which could be good for buyers looking to invest. The median listing price is $498,000, down 0.2% from last month and 5.1% from last year. This means homes are a bit more affordable now than they were. There are 19,514 homes for sale, which is 4.1% fewer than last year. However, new listings are up by 9.5% with 7,444 new homes on the market. This suggests there's still a good selection of homes becoming available. Homes are staying on the market for an average of 60 days, which is a little longer than last year by 3.5%. This gives buyers more time to make decisions. Also, 28.2% of homes have had their prices reduced, a slight decrease of 3.1% from last year, but still showing that some sellers are flexible. The average listing price is $849,438, down 2.3% from last year, and the median price per square foot is $271, down 2.1% from last year. These drops in price indicate that the market might be more favorable for buyers right now. With 7,912 pending listings, and a pending ratio of 0.41, homes are still selling, just at a slower pace than last year. If you're considering investing, the slightly lower prices and increased time on market could create opportunities to find a good deal in Phoenix.