January kicked off 2026 with rising inventory, slightly lower prices year-over-year, and improving mortgage rates. Here’s what you need to know across the Greater Phoenix metro:
🏡 Sales Market – January 2026
- Active Listings: 21,800
(+6.6% YoY) - Median Sold Price per SF: $253.92
(-2.9% YoY) - Average Days on Market: 70
(+11.1% YoY) - 30-Year Mortgage Rate: 6.11%
(Down from 6.16% in December and significantly lower than mid-2025 highs)
What It Means
- Inventory continues to normalize compared to early 2025, but the pace of YoY growth has slowed dramatically (from +40–50% earlier in the year to just +6.6% now).
- Pricing remains slightly down year-over-year, but we’ve seen stabilization compared to late summer softness.
- Homes are taking longer to sell, reinforcing that this remains a buyer-favorable negotiation environment.
- Mortgage rates have quietly improved since mid-2025, which could support stronger spring demand.
🏘 Rental Market – January 2026
- Active Rental Listings: 5,041
(+11.4% YoY) - Median Rented Price per SF: $1.28
(-3.8% YoY) - Median Days on Market: 47
(+11.9% YoY)
What It Means
- Rental inventory remains elevated compared to last year.
- Rents continue modest downward pressure on a per-square-foot basis.
- Leasing timelines are stretching, requiring sharper pricing and strong marketing.
- Operators with proactive management and tight turn timelines will outperform.
Bottom Line
The Phoenix metro market is stabilizing, not crashing, not booming.
Sales inventory growth has slowed significantly. Mortgage rates are trending in a favorable direction. Rental inventory remains competitive, and rent softness continues modestly.
As we move into the spring season, watch demand closely. Lower rates combined with stabilized pricing could create a more balanced market by mid-2026.