T
he Phoenix residential real estate market is experiencing a surge in activity, with a 2.3% increase in closed sales in February 2025 compared to the same period last year, according to data from Phoenix REALTORS. New listings are also on the rise, up 13.7% in Greater Phoenix for the first two months of this year.

    "Buyer confidence remains strong, with deals that were inked in previous months continuing to close," said Christy Walker, board president of Phoenix REALTORS. "However, some buyers are hesitant to commit right now, which is affecting the market."

    The median home price in Metro Phoenix has increased 4.8% year-over-year to $488,000, with buyers paying nearly 98% of the asking price. This has led to a decline in the housing affordability index by 2.9%. Despite this, the inventory growth has resulted in a good selection of homes across various price points.

    The number of available homes for sale in the metropolitan area has increased to nearly 21,000, representing a 4.4-month supply. This growth is reflected in the increase in days on the market to 76 from 67 last year.

    In Phoenix, new listings are up 13%, with closed sales rising 4.5%. The median price of a single-family home increased 4.2% to $495,000. Pending sales were down 19.9%, and inventory grew by 48%.

    Scottsdale's median single-family home price jumped 14% this year to $1.23 million, with closed sales up 15.7%. Days on the market held steady at 77 days.

    Mesa saw new listings increase 7.5% in the first two months of the year, but pending sales and closed sales declined. The median home price decreased by 0.8%.

    Queen Creek's median single-family home price increased 11.1% to $677,433, while closed sales slipped 5.9%. New listings rose 15.2%, pushing inventory up by 25.7%.

    Goodyear experienced a surge in activity, with closed sales up 37.9% and pending deals rising 29.4%. The median sale price declined 2% to $479,990.

    Peoria saw new listings increase 22.1%, while closed sales moved up 7.3%. Pending sales dropped 10.8%. The median home price rose 7.7% to $560,000.