Phoenix housing market optimism for 2024

By InBusiness Phoenix

Continued population growth and dropping interest rates shine a bright light on the first quarter 2024

The residential real estate market was the worst in 2023 since the Great Recession in 2009. It’s a good year to put behind the industry and prepare for a better 2024 with lowering interest rates and increasing population, according to Phoenix REALTORS®.

“There weren’t many bright spots in 2023,” said Butch Leiber, outgoing President of Phoenix REALTORS® Board of Directors and managing broker for a local real estate company. “Interest rates dropped 1% in the last two months, and year-to-date median sales prices have been steady this year compared to last. However, the price per square foot is up 6% over last year.”

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