A recent Realtor.com report found that the median list price for a home in Phoenix sits at $510,000, but homes are selling for the median price of $469,000. The gap signals what many agents already know — that the Phoenix housing market is experiencing a reset favoring buyers. As inventory climbs, new home builders and individual resellers are meeting buyers where they are with incentives and concessions.
From mid-2020 through early 2024, new home builders enjoyed an advantage over existing home resellers as inventory was limited but demand to move into the Valley was high. Buyers had to rely on new home builders to satisfy this demand and provide homes for eager buyers. This dynamic switched at the beginning of 2025, when home inventory began to rapidly rise and saturate the market. Many homeowners who purchased new builds were, and are, looking to sell their former homes.
Phoenix is approaching pre-pandemic inventory levels again, meaning that buyers are enjoying increased options, and sellers are facing longer listing times. In response, builders are responding with attractive perks, but these offerings come with fine print that buyers and resellers alike shouldn’t overlook…