Is Phoenix a seller's market right now?

The Phoenix-Mesa-Chandler area is not strongly favoring sellers right now, though it's not a buyer's market either. While the number of homes for sale has slightly decreased, prices have been going down, and nearly three out of ten homes had their prices lowered. This suggests sellers are having to adjust their expectations. The median listing price in Phoenix-Mesa-Chandler is $489,500. This price is down 1.7% from the previous month and has dropped by 5.9% compared to last year. Homes are also selling for less per square foot, with the median at $269, which is a 2.0% decrease year-over-year. There are currently 18,728 active listings, which is a slight decrease of 3.4% compared to the same time last year. However, new listings are up by 6.6% year-over-year, with 6,868 homes recently put on the market. Homes are staying on the market for a median of 64 days, which is almost the same as last year. A significant 28.7% of homes have had their prices reduced, which is 4.4% less than last year but still a notable portion. This means nearly one in three sellers has had to cut their asking price to attract buyers. If you're a seller in Phoenix, be prepared for more competition and potential price reductions. Pricing your home realistically from the start will be key to a successful sale.