🏡 Sales Market – Inventory Expanding, Prices Softening
- Active Listings: 3,835
(Up 3.3% YoY | Up from 3,338 in December) - Median Sold Price per SF: $271.50
(Down 4.4% YoY | Down from $275.36 in December) - Average Days on Market: 67
(Up 8.1% YoY | Up from 61 in December) - 30-Year Mortgage Rates: 6.11%
(Essentially unchanged month-over-month)
What This Means
- Inventory jumped nearly 500 listings month-over-month — buyers have noticeably more options.
- Price per square foot continues to trend lower year-over-year.
- Homes are taking longer to sell, reinforcing a more patient buyer pool.
- Sellers who overprice are sitting. Strategic pricing is critical.
Phoenix remains a large and diverse market, but the data clearly shows we are in a more balanced — and in some segments, buyer-favored — environment compared to the frenzy years.
🏘 Rental Market – Stable but Competitive
- Active Rental Listings: 1,672
(Up 18.8% YoY | Slight increase from December) - Median Rented Price per SF: $1.44
(Down 1% YoY | Up from $1.42 in December) - Median Days on Market: 47
(Improved slightly from 46 in December)
What This Means
- Rental supply remains elevated year-over-year.
- Month-over-month pricing improved slightly, suggesting seasonal leasing strength.
- Leasing timelines remain steady, but competition among landlords is real.
Phoenix rentals are not collapsing — but they are no longer effortlessly absorbed. Marketing, condition, and pricing discipline matter more than ever.
📊 The Bottom Line
January 2026 in Phoenix shows:
- Rising inventory on the sales side
- Continued year-over-year price pressure
- A rental market that is stable but competitive
- Mortgage rates holding steady around 6.1%
This is no longer a scarcity-driven market. It’s a strategy-driven one.
Owners who adapt will perform well. Owners who assume “it’ll just rent” or “it’ll just sell” may feel the friction.