Metro Phoenix’s housing market bucks December slowdown; sales up 51% in Glendale in 2024

Article originally posted on AZ Central on January 17, 2025

Metro Phoenix home sales climbed as prices held steady in December, despite higher interest rates and the typical holiday slowdown for the housing market.

January is usually a slow month too, but a surge in Valley million-dollar sales after the election could push up prices and sales this month.

In December, 5,477 Phoenix-area houses changed hands, up from 5,046 in November, according to the Arizona Regional Multiple Listing Service.

The median home price inched up to $450,000 from $449,900 in November. In December 2023, metro Phoenix’s median was $430,000.

Valley home sales were basically flat in 2024 compared with 2023, according to the Phoenix REALTORS. Higher mortgage rates put the brakes on home sales in 2023. There were 67,654 home sales in 2024, up only about 0.4% from 2023. Annual sales topped 100,000 a few years ago.

The average 30-year mortgage rate hovered around 7% in 2024. In 2021 and the first half of 2022, the average was half that.

“When 2023 ended, we were all pretty optimistic that 2024 would be a better year,” said Christy Walker, board president of Phoenix REALTORS. “Nationally, an improvement is expected in 2025. We’re optimistic for a good year ahead.”

Some areas of metro Phoenix did see big jumps in home sales last year. Sales in central Glendale shot up almost 51% during 2024, according to the REALTORS.

Both the midtown and uptown Phoenix areas posted sales increases of about 35% last year. Phoenix’s Deer Valley area had the third-biggest sales increase at 23%.

Tina Tamboer, senior housing analyst with The Cromford Report, said there was a jump in million-dollar home sales after the election due to less uncertainty among some buyers about where the economy was headed and stock market gains.

Median prices for houses priced above $1 million increased more than 50% between 2020 and 2024, according to the REALTORS.

The recent surge in million-dollar sales will start to show up in January’s sales and prices as the deals close.

“While the overall metro area lacked strong performance in residential real estate, there were pockets of good news throughout the Valley,” Walker said.

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