The December 2024 real estate market in Phoenix, Arizona, continues to evolve as one of the nation’s most dynamic markets. With rising home prices, a stabilizing rental sector, and increasing demand for new construction, the city offers compelling opportunities for homebuyers and real estate investors alike.
Phoenix Housing Market Trends
As of December 2024, the median sale price for homes in Phoenix is $450,100, reflecting a 2.3% year-over-year increase. This growth is attributed to steady demand and a limited supply of homes. Homes are selling after an average of 50 days on the market, slightly longer than the 37-day average from the previous year, signaling a slightly more balanced market for buyers and sellers.
For those looking to purchase, Phoenix remains a promising city. Its mix of established neighborhoods and expanding new construction developments provides a wide range of options. Marketplace Homes specializes in helping buyers navigate these opportunities, offering seamless solutions for those transitioning from their current home to a new construction property.
Phoenix Rental Market Insights
The rental market in Phoenix continues its upward trajectory.
- One-bedroom apartments average $1,362 per month, a 7% increase from last year.
- Two-bedroom apartments average $1,592 per month, up by 3%.
This steady growth in rental prices highlights Phoenix’s strong demand for rental housing, making it a prime location for real estate investors. Coupled with a growing population and steady job market, the city offers sustained rental income potential.
Market Forecast for 2025
Looking ahead, Phoenix is forecasted to be one of the top 10 metro areas for real estate growth in 2025, with the National Association of Realtors predicting a 7% to 12% increase in home sales nationwide. This positions Phoenix as a city of interest for both primary homebuyers and investors seeking long-term value.
Opportunities for Buyers and Investors
Phoenix’s combination of rising home prices and rental income potential offers diverse opportunities:
- For Buyers: New construction homes provide modern features, energy efficiency, and builder incentives that make purchasing more attainable. Marketplace Homes specializes in guiding buyers to maximize these benefits, including innovative programs like Rental Guarantee and Guaranteed Purchase to simplify transitions.
- For Investors: With rental rates steadily climbing, Phoenix remains a profitable market for single-family and multi-family investments. Partnering with a full-service provider like Marketplace Homes ensures efficient property management, from tenant placement to long-term maintenance.
Property Management in Phoenix
For property owners, professional management is more important than ever. As rental demand grows, residents expect higher-quality service and well-maintained properties. Marketplace Homes offers full-cycle property management services designed to maximize returns and protect investments.
Key Takeaways
- Rising Home Prices: Phoenix’s median sale price has increased to $450,100, presenting opportunities for appreciation.
- Growing Rental Market: Rental rates are climbing steadily, with strong demand for both single-family and multi-family homes.
- New Construction Advantage: Buyers benefit from modern homes and builder incentives, while investors can secure lower-maintenance properties with reliable returns.
- Full-Cycle Solutions: Marketplace Homes supports buyers and investors with tailored solutions, from acquisition to property management.
Phoenix’s December 2024 real estate market is thriving, offering exciting possibilities for homeowners, investors, and renters. Whether you’re purchasing a new home, expanding your portfolio, or seeking professional property management, Marketplace Homes is your trusted partner for success.
For more information, explore Marketplace Homes’ tailored solutions and unlock the best opportunities in Phoenix’s evolving real estate landscape.