85050 Phoenix, AZ Housing Market

Trend

The median listing price in May 2026 reached $719,850, representing a strong 9.1% increase from the previous month and a 4.0% rise year-over-year. However, active listings have increased by 5.5% YoY to 116 units, and new listings have decreased by 6.7% YoY to 56 units. The median days on market has also extended by 11.0% YoY to 51 days, indicating that properties are taking longer to sell. The price-reduced share has increased by 5.0% YoY to 28.2%, and the pending ratio has declined by 8.3% YoY to 0.36. The median price per square foot has also seen a YoY decrease of 3.6% to $326.

Negotiating leverage

The slower pace of sales, as indicated by a longer median days on market and a lower pending ratio, suggests reduced inventory pressure for buyers. The increasing share of price reductions points to an environment where buyers may exercise greater price discipline in negotiations.

Luxury segment

The average listing price of $806,258 significantly exceeds the median listing price of $719,850, indicating a segment of higher-priced properties influencing the average. The median price per square foot at $326 suggests a nuanced value proposition across different price points within the market.