The latest data from the Cromford Report highlights an important shift in the Greater Phoenix real estate market. The Listing Success Rate (LSR)—the percentage of homes that successfully close versus those that cancel or expire—is now sitting between 51% and 55%, based on the most recent figures through August 2025.

What Is the Listing Success Rate?
The LSR is a key indicator of market health. A high LSR (typically 75%–85%) means homes are selling consistently. A lower LSR indicates a cooling or stressed market—where listings sit longer, get canceled, or require price reductions to move.
🔻 What the Current Numbers Are Telling Us
- At 51%, the current LSR is a clear sign of weakened demand compared to the highs of 2021–2022.
- This means nearly 1 out of every 2 homes listed for sale does not sell—either due to overpricing, lack of buyer motivation, or rising affordability concerns.
- Sellers need to be strategic and realistic to avoid falling into the cancellation pile.
Market Comparison: Then vs. Now
Year | Average LSR | Market Condition |
---|---|---|
2021 | 80%–85% | Strong seller’s market |
2023 | 65%–70% | Balanced to cooling |
2025 | 51%–55% | Cautious buyer market |

What This Means for You
Sellers:
- You must price competitively and prepare your home properly to stand out.
- Homes that are outdated, overpriced, or poorly marketed are likely to sit or cancel.
- Working with the right agent is critical to maximize your exposure and minimize your time on market.
Buyers:
- There is more room to negotiate, less competition, and more inventory.
- However, don’t assume every listing is overpriced—move quickly on the right property.
- Take advantage of this window where sellers are more flexible and open to concessions.
Final Thoughts
While the current market isn’t crashing, it’s clear that buyers have gained leverage and sellers must adjust their strategy. As the Phoenix housing market rebalances, success will come to those who approach it with the right tools, mindset, and representation.
If you’re thinking about buying or selling in this market, reach out today. We’ll help you navigate the changing landscape with clarity and confidence.