Phoenix homebuyers gain edge as prices drop

If you're buying a home in the Valley, there's a good chance you'll end up paying a bit less than what the seller is asking for.

State of play: 71.7% of homes in metro Phoenix sold for under the original listing price in February, an increase of 3 percentage points from a year earlier, according to Redfin data.

• After dropping to 68% in May 2024, that number has consistently crept up, but it fell this February after hitting nearly 75% in January.
• Since January 2017, the percentage of Valley homes selling under their original listing prices has been as low as 22.5% in June 2021 and as high as 84.1% in December 2022.

Zoom out: Nationally, as inventory grows and buyers gain negotiating power, homes are increasingly selling for less than their original list price, Redfin reports.