Here’s How Many Phoenix-Area Homebuyers are Paying Above Asking Price

Article originally posted on Phoenix Business Journal on December 11, 2023

While high interest rates are prompting many sellers to drop prices at a record pace nationally, 19.22% of homes in the Phoenix metro market are still selling above the listing price.

That’s according to a new analysis of data from Redfin Corp., which found 32% of homes nationally sold above listing price in October — up 2.7 percentage points from a year ago. In Phoenix, the jump was more pronounced, rising 5.49 percentage points from a year earlier.

A variety of factors suggest the housing market is shifting to give buyers more leverage in many markets. However, prices remain significantly elevated and, in many metros, are still on the rise — just not at the rapid pace of recent years.

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