Phoenix Real Estate Market

As of June 2026, the median home listed in Phoenix, AZ asks $489,500 — down 5.9% from a year ago. Homes are taking a median of 64 days to go under contract, and 29% of the 18,728 active listings have taken a price cut, which points to a balanced market. Based on public records and industry data, updated monthly.

Phoenix scores 40/100 on our composite Investor Score (#665 of 932 covered metros), a percentile blend of momentum, value, rental yield, supply and market-heat readings; the metro's long-run house price index has it up 48% over five years and +126% over ten, leaving prices 75% above its own 2000–2019 trend; at the published FY2026 fair market rent of $1,839/mo for a two-bedroom, the gross rental yield on the median listing is about 4.5%; active inventory sits at 128% of its June 2019 level, so supply is fully rebuilt past pre-pandemic norms; listing prices are down 5.9% year over year; all against a national 30-year fixed mortgage rate of 6.43% (national weekly average, 2026-07-02).

Phoenix's housing market shows conflicting signals of stalemate, buyer favor, accelerated activity, and settling conditions. — AI-generated summary of the headlines above; read the linked coverage before relying on it.