Phoenix Housing Market 2024: Record Building, But Supply Still Falls Short
As seen on Arizona’s Family 3TV (May 2025)
Maricopa County Added More New Housing Units Than Any U.S. County in 2024
Maricopa County continues to lead the nation in residential growth. According to the U.S. Census Bureau, the county added approximately 38,000 new housing units in 2024, more than any other county in the United States.
In an Arizona’s Family (3TV/CBS 5) news segment, Trevor Halpern, founder and CEO of Halpern Residential, explained what this record-breaking growth means for homebuyers, sellers, and the future of the Phoenix housing market.
Why Home Builders Continue Expanding Across the Valley
Anyone driving through areas such as Queen Creek, San Tan Valley, the West Valley, or Northwest Phoenix has likely noticed a surge in new neighborhoods.
Large national home builders continue investing in these areas because they offer the large parcels of land needed for master-planned communities and new residential developments.
As population growth continues, these communities are expected to remain some of the fastest-growing parts of the Valley.
Phoenix Still Faces a Housing Shortage
While adding 38,000 homes is a significant milestone, Trevor Halpern says it’s still not enough.
To keep up with population growth and reduce the housing shortage, the region may need to build closer to 50,000 new homes each year for the next decade.
Years of underbuilding have created a supply gap that won’t disappear overnight, making continued residential development essential for improving housing affordability and inventory.
Why Buyers Are Choosing New Construction Homes
New construction homes continue to attract many buyers because they offer several advantages, including:
- Brand-new construction
- Builder warranties
- Modern floor plans and finishes
- Personalization and design options
- Builder incentives
These benefits can make new homes especially attractive to first-time buyers and homeowners looking for modern features with fewer immediate maintenance concerns.
Don’t Be Misled by Builder Incentives
Many builders advertise incentives such as mortgage rate buy-downs or closing cost assistance.
While these offers can provide value, Trevor Halpern encourages buyers to read the fine print carefully.
In many cases, the cost of these incentives may already be built into the purchase price or financed elsewhere in the transaction. Buyers should evaluate the total financial picture rather than focusing on promotional offers alone.
Current Phoenix Housing Market Snapshot
Alongside continued construction, the resale market remains active.
Recent MLS data shows nearly 26,000 active listings across the Phoenix metropolitan area, while the median home sales price recently settled around $445,000, representing a slight decline from the previous month.
Growing inventory provides buyers with more choices than they had during the highly competitive market of recent years.
Final Thoughts
Maricopa County’s record-setting housing growth is an encouraging sign for the Phoenix real estate market, but it doesn’t eliminate the region’s long-term housing shortage. Continued construction will be essential to meeting future demand and improving affordability.
For buyers considering a new construction home, understanding builder incentives, comparing financing options, and working with an experienced real estate professional can help ensure they make an informed investment.