Phoenix, AZ
Monthly housing intelligence, market trends, and trusted local expertise.
Updated: April 2026
The Phoenix-Mesa-Chandler metropolitan area is currently experiencing cooling market conditions, characterized by a pending ratio of 0.41. This indicates a demand absorption rate that is lagging the available supply, reflecting a shift in market dynamics.
The pending ratio has slightly decreased by 1.4% YoY, alongside a modest YoY decline in median listing price of 5.0% and a 4.9% reduction in new listings. Active listings remained relatively stable with a minor YoY contraction of 0.2%. Median days on market increased by 9.6% YoY, suggesting properties are taking longer to find buyers.
Sun Belt benchmark — new build inventory stabilizing resale pricing.
Market Signals & Indicators
The current market conditions suggest that buyers possess increased negotiating leverage due to slower absorption and a longer market duration. Sellers may need to exhibit greater price discipline and patience, as the pace of transactions has decelerated, and inventory pressure has eased compared to prior periods.
The average listing price of $862,269 is notably higher than the median listing price of $499,000, indicative of a significant spread between the mid-tier and luxury segments. This, combined with a 1.3% YoY decline in average listing price and a 1.7% YoY decrease in median $/sqft, suggests some softening within the upper echelons of the market.
19,948 active listings represent the current floor, with new supply arriving at roughly 8,146 per month.
of active listings carry a price reduction, -2.2% from prior period.
Median price per square foot has moved -1.7% year-over-year.
Pending-to-active ratio — Cooling.
