Phoenix Housing Market 2024: Record Building, But Supply Still Falls Short
As seen on Arizona’s Family 3TV (May 2025)
Drive through the outer areas of the Valley right now and it’s hard to miss—new homes, apartments, and entire communities are being built at a rapid pace.
From the Southeast Valley to the West Valley, large builders are actively developing land to keep up with demand in the Phoenix housing market in 2024.
“The southeast Valley, San Tan, Queen Creek, northwest Valley, West Valley, big home builders—these big, nationally, publicly traded homebuilders want big plots of land,” realtor Trevor Halpern, founder of Halpern Residential, said.
That surge in development is reflected in the latest numbers. According to the U.S. Census Bureau, Maricopa County added roughly 38,000 housing units last year—more than any other county in the United States.
Even so, the supply gap hasn’t been closed.
“We probably need closer to 50,000 a year over the next 10 years. We need substantial home build growth to keep up and to make up for the gap that we’ve seen in population versus home build starts,” Halpern added.
That ongoing imbalance continues to shape the Phoenix housing market, where demand remains strong despite rising inventory.
New construction has become an increasingly attractive option for buyers navigating today’s market.
“The idea with the new build, you’re getting a new product, you’ve got a builder warranty, you’re getting incentives, you’re getting something really nice, you’re getting something you can customize, and so a lot of people are very drawn to that,” Halpern said.
However, those incentives can come with trade-offs.
“There’s no such thing as a free lunch. You know, typically when a builder is offering to buy your interest rate down, if you look in the fine print, you’ll find where you’re actually paying for it somewhere. So you have to be very cautious,” he said.
Current MLS data shows there are about 26,000 active listings across the Phoenix area, with a median home price around $445,000—slightly down from earlier in the spring.
Even with more homes hitting the market, the bigger trend hasn’t changed.
The Phoenix housing market in 2024 is still defined by strong demand and a long-term housing shortage. Maricopa County may be leading the nation in new construction, but it’s still working to catch up with population growth.