The May market across Greater Phoenix continues to shift toward a more balanced environment. While prices remain relatively stable in many areas, inventory is rising, buyers are becoming more selective, and homes are taking longer to sell than they did over the past few years.
In Phoenix, the median sold price increased to $485,000, with inventory rising to just over 4 months of supply. Homes are still selling at nearly 98% of asking price, but buyers are taking more time and negotiating more carefully.
Scottsdale continues to hold strong, particularly in desirable luxury and lifestyle communities, but the pace has moderated. Median sold price reached $1.08M, while active inventory climbed to 2,538 homes. Buyers now have more options and less urgency than they did during the height of the market.
Paradise Valley remains a unique luxury market. Median sold price rose to $3.3M, but inventory expanded to more than 9 months of supply, creating a more negotiation-friendly environment for buyers. Well-positioned homes are still selling, but pricing strategy is becoming increasingly important.
One of the biggest themes we are seeing right now is the separation between “good” inventory and “aspirational” inventory. Homes that are priced correctly, updated, and presented well are still attracting activity. Homes that miss the mark on pricing are sitting longer and seeing more reductions.
For buyers, this is the most opportunity-rich market we’ve seen in some time. There is more selection, more negotiating power, and less pressure to move immediately.
For sellers, preparation and pricing matter more than ever. The market is still moving — just with a greater emphasis on strategy over speed.
