How much down payment do I need in Phoenix?

There's no set down payment for a home in Phoenix, as it depends on factors like the loan type and your lender. With the current median listing price at $489,500, a typical 20% down payment would be $97,900. Some loans allow for much lower down payments. The median listing price in Phoenix right now is holding steady at $489,500. It's gone down a bit, dropping 1.7% in the most recent month and 5.9% compared to last year. This means prices are a bit lower than they were a year ago, which could ease the amount you need for a down payment. There are 18,728 homes currently for sale. While this is slightly fewer homes than last year, there are also more new homes coming on the market, with 6,868 new listings, up 6.6% from last year. This suggests a healthy flow of new options for buyers. Houses are staying on the market for about 64 days, which is roughly the same as last year. Also, 28.7% of homes have had their prices reduced. This can be good news for buyers, as it means sellers might be more flexible on price, potentially reducing the total amount you need for a down payment. To figure out your exact down payment, talk to a lender about your options based on your financial situation and the type of loan you qualify for.