Phoenix

Sun Belt's high-growth market rebalancing after years of frenzy

Key Market Stats

Last updated: 2026-03

Median Price

$497K

-4.4% YoY

Month-over-Month

+0.4%

vs. last month

Active Listings

19,889

homes for sale

Months of Supply

2.3 mo.

Balanced market

Days on Market

54d

median

Cash Buyers

28.4%

of all sales

Median Home Price Trend

Phoenix — 24-month rolling

Months of Housing Supply

Phoenix — inventory trend

<2 Seller 2–4 Balanced >4 Buyer

AI Market Analysis — Phoenix

Phoenix has shifted from a frenzied seller's market into a more balanced environment. Affordability pressures pushed by the 2022–23 rate spike have cooled appreciation, but steady population inflow from California and the Midwest continues to underpin demand. Investors have pulled back, creating more opportunity for primary buyers. New construction permits remain elevated across the East Valley and West Valley corridors, which will keep upward price pressure modest through mid-2025. The metro's job market — anchored by semiconductor manufacturing, data centers, and logistics — remains one of the strongest in the Sun Belt, providing durable housing demand regardless of rate fluctuations.

Analysis generated from Redfin, FRED, and Census Bureau data. Updated monthly.

Phoenix Analysis