Maricopa’s real estate market is seeing a brighter outlook after a year of lofty interest rates and limited inventory. 

“I think the interest rate is going down and is going to jumpstart things,” said Dayv Morgan, Maricopa-based Realtor with HomeSmart Premier. 

Morgan predicts mortgage interest rates will fall to 6% by year’s end. Today, the rate approaches 7%. 

“Everything has been pretty slow for the fourth quarter and second half,” Morgan said of 2023. “We still have a lot of homes on the market now.” 

The Maricopa real estate market ended 2022 with about 600 homes on the market, and 2023 ended with 500 homes listed, he said.  

“Because inventory is still pretty high, I think prices will come up a little bit in the second quarter, but not spiral out of control,” Morgan said. 

He recalled the peak of the Maricopa market with 700 active listings in October 2022, up from just 150 in March that year. 

Morgan tracks municipal building permits still being processed for new homes, which will increase inventory. 

He recognizes many homeowners are hanging onto their properties because they locked in 3% mortgage rates. 

Arizona Realtors are also optimistic as they look ahead to a promising year for housing in the Grand Canyon State marked by steady developments that will benefit both buyers and sellers. 

Shelley Ostrowski, 2024 Arizona Association of Realtors president and designated broker for Realty One Group Gateway in Yuma, predicts an interest rate decrease that will bring a resurgence of buyers into the market.   

“I see more buyers coming back into the market as interest rates begin to settle,” Ostrowski said. “The housing market will remain strong in 2024.”   

Sindy Ready, 2024 president-elect of the Arizona Realtors and associate broker for RE/MAX Excalibur in Scottsdale also anticipates an interest rate decrease as 2024 progresses, initiating more activity in the market.   

“As the weather heats up in Arizona, so will the market,” Ready said. “While inventory might be lower than usual at this time, interest rates are speculated to decrease by the end of the second quarter to a historically normal rate of 6% to 6.5%, which will bring more buyers into the market.” 

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