Phoenix Housing Market

Home sales rose modestly in March but remained well below pre-pandemic norms, as affordability constraints continued to weigh on activity despite strong population growth. At the same time, inventory growth slowed, market times shortened, and home prices held steady, outperforming several nearby Sun Belt metros.

About 7,100 homes were sold in the Greater Phoenix area in March 2026. While that marked a 6.8% increase compared to a year ago, sales activity remained about 20% below the average from 2018 to 2019.

Nevertheless, strong population growth supported underlying housing demand. Maricopa and Pinal, the two counties that comprise the Phoenix metro statistical area, were both ranked in the top 10 for absolute population growth last year, according to the U.S. Census Bureau.

Affordability pressures, while improving, continued to present a high barrier to homeownership and home sales activity, particularly for first-time buyers.

The number of active listings in Phoenix declined 2.5% year over year to about 25,900 in March 2026. The recent retreat came on the heels of a steady rise in for-sale inventory that drove active listings to a decade high. The decline marked the first annual decrease for the month of March since 2021.

Similarly, other indicators of supply have flattened thus far in 2026.

Median days on market fell to 66 in March, the first time it crossed below the 70-day threshold in nine months.

Additionally, Phoenix had about 4.5 months of supply in March 2026, a decrease from the recent peak in Spring 2025. For comparison, there were about 2 months of supply in mid-2023.

The median sale price for a Phoenix-area home was $460,000 in March 2026, unchanged from a year earlier.

While March continued a trend of prices mostly shuffling sideways, Phoenix outperformed many nearby Texas and California markets, which notched losses. The Inland Empire, Sacramento, Houston, Austin, Dallas-Fort Worth, and Los Angeles ranked in the bottom six for annual price growth in March, each seeing declines of 1% or more.

Townhomes saw the largest decrease across segments, with prices falling 7.9% year-over-year to $350,000 in March. Condos posted a 1.5% decrease to $335,000, and single-family homes were essentially flat, up 0.1% to $476,580.

The median home sale price in Phoenix was unchanged in March compared to the same time last year, while the national median price rose 1.3%.

Phoenix’s median home price was flat year over year in March at $460,000. Meanwhile, the national median home price increased by $5,000 to $385,000.

Phoenix was the 15th-highest-priced housing market among the top 40 largest markets in March. The Phoenix median home price of $460,000 was 19.5% above the national median. Phoenix’s median home price in March compares to the market’s peak of $480,000 recorded in May of 2022.

The median price of Phoenix single-family homes rose by $630 over the past year to $476,580. Annual price growth for Phoenix single-family homes was 0.1% in March, while the median townhome price fell 7.9% and the median condo price fell 1.5%.

The number of active listings in Phoenix decreased by 2.5% in March compared to the same time last year, while nationwide active listings rose by 10.7%.

Phoenix active listings fell by 675 year over year in March to 25,923 active listings. Phoenix ranked 39th on a percentage basis for the annual change in the number of homes for sale out of the top 40 U.S. markets in March.

Phoenix active listings fell over the past year and are now 0.4% below the March 2019 total of 26,029. For context, inventory of homes for sale stood at 1,274,931 for the nation as a whole in March, a 1.8% decrease from March 2019.

Phoenix single-family active listings fell by 4.6% to 20,877 in March. In comparison, townhome active listings rose by 7.6% to 3,490 and condo active listings increased by 5.3% to 1,556.

The number of home sales in Phoenix increased by 6.8% in March compared to the same time last year, while national home sales rose by 0.5%.

Phoenix home sales increased by 451 year over year in March to 7,118 sales. For context, 6,667 sales closed in Phoenix in March 2025.

Phoenix ranked sixth for the annual increase in home sales out of the top 40 U.S. markets in March on a percentage basis. This year’s March increase of 6.8% compares to a 3.7% year-over-year increase in March 2025.

Phoenix single-family sales increased by 6.8% year over year in March to 6,154 total sales. In comparison, townhome sales rose by 6.2% to 699 and condo sales increased by 6.4% to 265.

For questions and commentary about this report:

Connor Devereux, Senior Director of Market Analytics at CoStar and Homes.com, based in Phoenix, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Connor Devereux

Senior Director of Market Analytics

Homes.com

cdevereux@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Phoenix during March 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.