Sep 27, 2023 - Real Estate

Sorry, Phoenix homeowners: No one wants your fixer-upper

Share of homes that go off-market within two weeks, by metro division
Data: Redfin; Note: Metro divisions are subdivisions of metropolitan areas; Chart: Axios Visuals

The majority of homes for sale in metro Phoenix are taking longer to find an interested buyer, according to new Redfin data.

  • This is a reversal from the market frenzy in 2020 and 2021, when sellers received multiple offers within days (if not hours) of listing their homes.

Why it matters: Houses that stay on the market for more than a month are usually overpriced or in need of major work, according to Redfin deputy chief economist Taylor Marr.

What's happening: Buyers, already hampered by gravity-defying prices and mortgage rates, don't want to spring for a home that looks like an HGTV "before" photo, Axios' Sami Sparber reports.

By the numbers: Metro Phoenix homes went off-market after a median of 42 days in July, compared with 32 days a year earlier, per Redfin.

  • Around 27% of Phoenix-area homes were snapped up in two weeks or less.
  • That's a slightly larger percentage than the same time last year but still well below the national rate of 41%, Redfin found.

Be smart: "Fixer-upper" listings made up 0.1% of sales here in the first half of 2023, per Zillow data, while those advertised as redone made up about 22%.

The big picture: Self-identified fixer-uppers are typically selling for less, and more slowly, than expected, according to Zillow data shared with Axios.

The bottom line: "Most homebuyers right now simply don't have enough money left over to invest in major repairs or remodeling," Marr tells The Wall Street Journal.


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