Phoenix - AZ housing market
The Phoenix metro has a typical home value of $442,078, down 1.2% from a year ago. Homes sell in 39 days on average, a balanced market. 32% of listings have had a price cut. Data from Zillow Research, updated monthly.
Phoenix housing market, October 2026
The typical Phoenix home is worth $442,078 as of August 2026, down 0.1% from the prior month, down 0.7% over three months, and down 1.2% from a year ago. Over the past two years values have ranged from $442,078 to $463,316.
Homes are going pending in about 39 days, slower than the 31 days seen three months earlier. There are roughly 23,831 homes for sale, 1% fewer than a year ago. 31.8% of listings have taken a price cut (down from 34.1% three months ago).
Typical rent is $1,722 a month, up 0.9% year over year, which puts the price-to-rent ratio at 21.4.
At this week's 7.40% mortgage rate with 20% down ($88,416), the typical Phoenix home costs about $3,001 a month including tax and insurance, which needs a household income of roughly $128,600 to stay under a 28% payment-to-income ratio.
Income needed to buy assumes 20% down, a 30-year fixed mortgage at 7.4% (Freddie Mac weekly average), property tax at 1.1% and insurance at 0.4% of value per year, and a 28% payment-to-income cap. Local taxes and insurance vary; treat it as a comparison figure across metros, not a lender's answer. All metros ranked →
How to read this data
The typical home value ($442,078) is the Zillow Home Value Index for the Phoenix - AZ metro area: a smoothed, seasonally adjusted estimate of the typical value for middle-tier homes (33rd to 67th percentile) across single-family and condo properties.
Prices are down 1.2% over the past year. A home worth $447,447 last year is now worth roughly $442,078.
The median sale price, what homes actually close for, is $446,836. Homes are selling at 97.9% of list price, meaning buyers have room to negotiate.
Homes listed in Phoenix - AZ sit on the market for roughly 39 days before going pending. Shorter = seller's market; longer = buyer's market.
About 31.8% of current listings have had at least one price cut. High price-cut shares signal sellers are adjusting expectations downward.
Roughly 5,871 new listings hit the market each month in Phoenix - AZ. There are currently 23,831 homes for sale, down 0.7% from a year ago.
The typical monthly rent in Phoenix - AZ is $1,722, up 0.9% year over year. On the Rent vs Buy Index that is a price-to-rent ratio of 21.4x, renting territory (#36 of 195 metros). The mortgage on a typical home here, 20% down at today's 7.4% 30-year rate, runs about $2,449 a month in principal and interest, $727 more than renting before taxes, insurance and upkeep. The two break even at a 4.16% rate.
What's not on this page
This is market-level data, not property-level. We don't list individual homes for sale. For that, go to Zillow, Redfin, or your local MLS.
Data: Zillow Research (ZHVI and market indicators), refreshed monthly at the source. This page was rebuilt October 2026. Methodology →
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Other metros in AZ
| Metro | Home value | 1-yr change | Days on market |
|---|---|---|---|
| Tucson - AZ | $338,460 | -1.9% | 38.0d |