Phoenix Real Estate Market Update
The Phoenix real estate market entered the second half of 2026 with more choices for buyers, greater negotiating power and stable single-family home prices. Despite frequent predictions of a housing crash, the numbers from the first six months of the year tell a much more measured story.
The overall market favors buyers, but that does not mean every city—or every type of property—is performing the same way. Local supply, buyer demand, new-home construction, mortgage rates and property type all influence the conditions buyers and sellers experience.
Is Phoenix Really in a Buyer’s Market?
The Cromford Market Index measures the balance between supply and demand across the Phoenix metropolitan area. A reading of 100 represents a balanced market, where neither buyers nor sellers have a clear advantage and prices would generally be expected to rise at approximately the rate of inflation. Readings above 100 favor sellers, while readings below 100 favor buyers.
At the time of this mid-year review, the overall Phoenix-area index was approximately 81—firmly in buyer’s-market territory. Housing supply was running higher than demand, giving buyers more listings to consider and more leverage in negotiations.
However, this broad Phoenix number includes nearly 30 cities across Maricopa and Pinal counties. It should not be used to describe every local market.
Phoenix Housing Inventory Remains an Important Market Driver
Listings during the first half of 2026 were approximately 6% lower than during the same period in 2025, although inventory remained above 2023 and 2024 levels.
Historically, housing supply has been much more volatile than demand. Consider the city of Phoenix: during the distressed market of 2008, when foreclosures and short sales were widespread, more than 11,000 homes were listed for sale. During portions of 2021 and 2022, inventory fell below 1,000 listings.
Those extremes help explain why inventory deserves close attention. When the supply of homes changes substantially, pricing and negotiating conditions often follow.
Single-Family Home Prices Have Remained Stable
Quarterly pricing helps reduce the noise created by month-to-month changes. During the first half of 2026, Phoenix-area single-family home prices were essentially flat and approximately 1% higher than at the end of 2025.
Stable prices may not sound exciting, but they can help affordability when many other household expenses continue rising. They also contradict the idea that the broader buyer’s market has caused Phoenix home values to collapse.
Individual cities and neighborhoods will produce different results, and pricing a home correctly remains essential. A buyer’s market gives purchasers more choices, but desirable homes can still sell when their condition, location and price align with current demand.
Condominiums Are Following a Different Trend
A 2026 Phoenix real estate market review shows condominiums should be evaluated separately from single-family homes because they face a different set of market pressures.
The Phoenix area has added a substantial supply of apartments in recent years. Increased rental competition has placed downward pressure on rents, reducing the urgency some renters may feel to purchase a condominium.
As a result, the median condominium sales price in the second quarter of 2026 reached its lowest level since the first quarter of 2023. That creates a potential affordability benefit on both sides of the equation: renters may find better rental options, while condo buyers may encounter lower purchase prices.
Price is only one consideration when buying a condominium. Buyers should also investigate whether a project is warrantable, the financial health of the homeowners association, monthly HOA fees, potential special assessments and the association’s master insurance coverage.
What Does the 2026 Phoenix Market Mean for Buyers and Sellers?
For buyers, the Phoenix real estate market may provide opportunities that were largely unavailable during the pandemic-era housing surge. Inventory is higher than it was in 2023 and 2024, seller concessions are common and single-family prices have been relatively stable. Condo buyers may also find prices at their lowest level in approximately three years.
The primary affordability challenge remains mortgage rates for the 2026 Phoenix real estate market. Buyers should look beyond the asking price and evaluate the full monthly payment, closing costs, HOA expenses, insurance and the potential value of seller-paid concessions.
For sellers, a buyer’s market does not mean homes cannot sell. It means buyers have alternatives. Accurate pricing, strong presentation, appropriate repairs and a willingness to consider concessions can make a meaningful difference.
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