Open House Realty is a full-service Real Estate Brokerage serving Arizona.
Contact us to assist you in the purchase, sale, and management of your real estate.
We have agents all over Arizona to best suit your needs!
Contact us to assist you in the purchase, sale, and management of your real estate.
We have agents all over Arizona to best suit your needs!
Open House Realty
20325 N 51st Avenue
Bldg 5 Suite 134
Glendale, AZ 85308
Ivy Clay
Broker Owner
ADRE License # BR639560000
Office (623) 299-4954
Email: OHRealty@yahoo.com
20325 N 51st Avenue
Bldg 5 Suite 134
Glendale, AZ 85308
Ivy Clay
Broker Owner
ADRE License # BR639560000
Office (623) 299-4954
Email: OHRealty@yahoo.com
Contact Open House Realty
Habla Español
Open House Realty offers resources for everything real estate! We have bilingual trainers, 24/7 support, use excellent online platforms with streamlined systems, transaction coordinators available, and the best commission splits in town:
$245/transaction at $25/mo. or 90%/10%.
Rental & Referral commissions are yours.
Zero onboarding fees.
Whether you're a seasoned agent or new licensee, find out if Open House Realty is the best brokerage for you. We look forward to helping you achieve your goals!
$245/transaction at $25/mo. or 90%/10%.
Rental & Referral commissions are yours.
Zero onboarding fees.
Whether you're a seasoned agent or new licensee, find out if Open House Realty is the best brokerage for you. We look forward to helping you achieve your goals!
MARKET REPORT
Phoenix Metropolitan Real Estate Market Report - February 2025
Single-Family Residential (SFR): Average Home Price: The median home price in the Phoenix area last month was approximately $452,845, marking a +5.4% increase since last year. This figure reflects a robust demand still present in the market despite various economic pressures.
Interest Rates: Current Rates: The average interest rate for a 30-year fixed mortgage in Phoenix is currently around 6.67%, having fallen from a multi-decade high of 8% in late 2023.
Projected Rates: Analysts predict a further decline in rates this year, potentially reaching between 6.5% and 6% by the end of 2025, which could stimulate buyer activity.
Builder Incentives: Builders have been offering incentives to attract buyers due to high construction costs and interest rates. The average incentive includes price reductions, covering closing costs, or rate buydowns. Recently, incentives have averaged around 2-1% buydown programs or direct price cuts of about 3% to 5% off the list price.
Multifamily/Commercial: Cap Rates: The multifamily sector in Phoenix is seeing cap rates around 5.62% as of April 2023. With interest rates potentially decreasing, there might be an upward adjustment towards 6.6% if rates don't fall, indicating a more investor-friendly environment.
Price Per Square Foot (PPSF) for Apartments: The average price per square foot for apartments trading hands has been approximately $285. This figure reflects both the demand for rental properties due to high home prices and the quality of new developments in the area.
Market Dynamics: Supply and Demand: The Phoenix housing market continues to face a supply crunch, with inventory levels significantly below what's needed for a balanced market. This scarcity drives prices up, even as interest rates moderate.
Policy Changes: No significant new policy changes directly affecting the housing market in Phoenix have been reported recently. However, the broader national economic policies, including inflation control measures and potential adjustments in monetary policy, indirectly influence local real estate through their effect on interest rates and consumer purchasing power.
The lack of new construction and ongoing affordability challenges in the single-family market have pushed more potential homeowners into the rental market, bolstering demand for multifamily units.
Market Outlook: Residential: The Phoenix housing market is expected to see continued price appreciation, albeit at a slower pace due to the leveling off of interest rates. If rates decrease more than anticipated, we might witness a surge in buying activity, potentially pushing prices up again.
Multifamily: With fewer new units being constructed, rental demand is expected to push up rents, making multifamily investments attractive. The market's dynamics suggest a strong rental market for the foreseeable future, supported by population growth and economic recovery in the area.
In summary, Phoenix's real estate market remains vibrant but faces challenges like inventory shortages and high interest rates. However, with the projected decline in mortgage rates, there's optimism for increased affordability and market activity, particularly if builders continue to offer incentives to buyers.
