As a lifelong Arizonan and experienced real estate professional, Warren Petersen brings practical perspective to discussions about housing conditions in the Greater Phoenix region. Based in Gilbert, Arizona, he has served in the Arizona Legislature since 2012 and currently holds the role of senate president, while also operating a real estate firm. His background as a lawyer, business owner, and realtor provides direct exposure to market dynamics that affect buyers, sellers, and small businesses across Maricopa County. In public service, Petersen has emphasized fiscal conservatism, reduced regulation, and economic growth, priorities that intersect with housing affordability, inventory levels, and development trends. He has represented District 14, including Gilbert and parts of Queen Creek, and has held leadership positions spanning commerce, judiciary, and rules oversight. These combined professional and legislative experiences inform a grounded understanding of how statewide policy choices and local market forces shape real estate outcomes in one of the nation’s fastest growing metro areas.
An Overview of Greater Phoenix Real Estate Trends
The national real estate market remains in a state of flux. Common challenges include volatile inflation rates, a lack of housing affordability and inventory, and highly competitive markets. However, several markets throughout the nation have enjoyed positive trends, including Phoenix and other parts of Arizona.
Single-family home sales have trended up in Phoenix for several years, according to data from Phoenix REALTORS, with the metro region once again surpassing national housing numbers in multiple categories in 2025. Completed sales, pending sales, median sales prices, and new listings all increased year-over-year, underscoring the strength of the market.
Closed sales throughout the Greater Phoenix area increased by almost 4 percent in October 2025 compared to the first 10 months of 2024, with a year-over-year increase of 4.9 percent. Closed sales increased by just 1.5 percent on the national stage during the same period. Through the first 10 months of 2025, Arizona real estate professionals closed transactions for nearly 52,000 homes, plus over 51,000 pending deals.
Pending deals rose by .5 percent in Greater Phoenix, compared to a national free fall of over 27 percent. New listings decreased by .8 percent nationally throughout the year, but increased by 8 percent in Phoenix.
Homeowners throughout the Phoenix area saw their home equity increase, with median prices for single-family homes aligning with the national average of $480,000. The national median price remained flat nationally, compared to a slight .4 percent increase in Greater Phoenix. Despite this increase, the local housing affordability index climbed from 69 to 71, meaning 71 percent of Phoenix households could afford a median-priced home, an increase of almost 3 percent compared to 2024.
Phoenix’s housing inventory also enjoyed strong numbers throughout the year. The inventory increased by over 19 percent, equating to a 4.4-month supply of new homes. Homes spent 15.6 percent more time on the market before a sale, increasing from 64 days in 2024 to 74 days in 2025.
Trends varied throughout the Greater Phoenix area. For instance, the City of Phoenix had a housing supply of 3.8 months and saw closed sales increase by 1.8 percent year-over-year. New listings went up 5.4 percent, while median home prices held steady at $485,000. The most notable change involved houses spending 20 percent more time on the market, increasing from 55 days in 2024 to 66 days in 2025.
In Scottsdale, by comparison, median home prices climbed by 3.5 percent to $1.18 million. New listings only rose by 4.2 percent, but this equated to an inventory supply of almost five months. Pending sales were relatively flat, but closed sales increased by close to 6 percent.
The Mesa housing market saw listings spend 28.3 percent more time on the market. The local inventory rose by 20.7 percent, but at 3.5 months, still remains lower than the greater market’s 4.4-month inventory. Gilbert experienced mixed results, with increased sales but a drop in median sales price. Goodyear was one of the region’s most active markets, with closed and pending sales up by 27.2 percent and 24.4 percent, respectively. Homes in Peoria became slightly more affordable, while Surprise enjoyed a strong year.
About Warren Petersen
Warren Petersen is a lifelong Arizonan, attorney, and small business owner who serves as president of the Arizona Senate. First elected to the Arizona House of Representatives in 2012, he has held leadership roles including majority leader and chair of commerce, judiciary, and rules committees. His work has focused on fiscal conservatism, limited government, and individual liberties. In addition to his legislative service, Petersen operates a real estate firm and has professional experience as a lawyer and entrepreneur. He is a graduate of Gilbert High School and earned both his bachelor’s degree and juris doctor from Arizona State University.
