The Phoenix market is continuing its shift toward balance. Inventory has stopped expanding, homes are moving faster, and the rental market is quietly tightening.
Sales Market
- Active Listings: 22,354 (↓ 1% YoY)
→ Inventory growth has stalled after a year of heavy increases—big signal the market is stabilizing - Median Sold $/SF: $254.88 (↓ 3.0% YoY)
→ Prices still soft, but the rate of decline is slowing - Avg Days on Market: 54 days (↑ 3.8% YoY)
→ Homes are selling faster month-over-month as buyers step back in - 30-Year Mortgage Rate: 6.50%
→ Rate bump could slow momentum, but not enough to reverse current trends
Rental Market
- Active Listings: 4,171 (↓ 6.0% YoY)
→ Supply is tightening after months of oversupply - Median Rent $/SF: $1.32 (↓ 2.2% YoY)
→ Rents still under pressure, but nearing stabilization - Median Days on Market: 35 days (↑ 9.4% YoY)
→ Leasing still taking longer than last year, but improving from recent highs
Takeaway
- Inventory leveling off is the biggest story
- Pricing pressure remains, but is easing
- Rental supply tightening could be the next shift
Bottom line:
Phoenix isn’t correcting anymore—it’s normalizing.