Maricopa County, Arizona, saw a shift in its real estate market in 2022 after a buying frenzy during the pandemic. The market has become less competitive, with buyers now able to negotiate concessions from sellers. The Federal Reserve’s interest rate hikes have slowed sales and led to homes sitting on the market longer. Sellers have had to reduce prices to stay competitive, and political uncertainty has also impacted sales.
Despite rising prices, the area remains unaffordable for many, with a household needing to earn at least $96,000 annually to afford the typical home. Rental properties are also struggling, with high competition and stagnant rental prices. Evictions have increased in Phoenix, and homelessness levels remain elevated.
Overall, the real estate market in Maricopa County has shifted from a seller’s market to a more balanced market, with slower sales and increased competition among sellers. The market remains challenging for both buyers and renters, with affordability being a major concern.
Photo credit
www.nbcnews.com