85051 Phoenix, AZ Housing Market

Trend

The median listing price in May 2026 reached $349,000, reflecting a 0.4% increase month-over-month but a notable 6.9% decrease year-over-year. Active listings have contracted by 10.3% year-over-year to 70 units, while new listings remained stable annually at 36. The median days on market have decreased substantially by 23.9% year-over-year to 51 days. The share of price-reduced listings is down by 6.7% annually to 22.5%. The pending ratio has increased by 6.5% year-over-year to 0.63, with 44 pending listings.

Negotiating leverage

The annual decline in active listings and median days on market, coupled with a notable increase in the pending ratio, indicates a more accelerated pace of transaction activity. This suggests increasing inventory pressure, which could lead to more disciplined pricing from sellers as demand strengthens relative to supply.

Luxury segment

The average listing price of $317,669 is below the median listing price of $349,000, indicating that higher-priced listings are moving at a faster rate or that the concentration of inventory lies at lower price points within the market. The median price per square foot stands at $221, reflecting a 5.0% year-over-year decrease.