June 2026
The Phoenix housing market remained steady in June as inventory continued to trend lower and home values held relatively stable. Buyers continue to benefit from more inventory than the pandemic-era market, while sellers are seeing consistent demand for well-priced homes. The rental market also remained healthy, with fewer available listings and faster leasing activity than a year ago.
Sales Market Highlights
- Active Listings: 4,083 (7.2% decrease YoY)
- Median Sold Price: $277.28 per SF (0.3% decrease YoY)
- Average Days on Market: 53 days (No change YoY)
- 30-Year Mortgage Rate: 6.49%
Phoenix continues to move toward a more balanced housing market. Active inventory remains below last year’s levels, giving buyers fewer options than they had throughout much of 2025. Home values have remained remarkably stable, declining just 0.3% year over year, while homes continue to sell in less than two months on average.
Rental Market Highlights
- Active Rental Listings: 1,510 (10.2% decrease YoY)
- Median Rent: $1.45 per SF (4.0% decrease YoY)
- Median Days on Market: 32 days (12.2% decrease YoY)
Phoenix’s rental market remains competitive despite modest rent adjustments. Available rental inventory continues to decline, while homes are leasing faster than they were a year ago. Although rents remain slightly below 2025 levels, strong tenant demand continues to support healthy occupancy for well-maintained, competitively priced properties.
Key Takeaways
- 📉 Home inventory declined 7.2% compared to last year.
- 🏡 Median sold price measured $277.28 per square foot, down just 0.3% year over year, demonstrating impressive price stability.
- ⏱️ Homes averaged 53 days on market, unchanged from last year.
- 💰 Mortgage rates remained relatively stable at 6.49%.
- 🔑 Rental inventory declined 10.2%, reducing competition among landlords.
- 💵 Median rent measured $1.45 per square foot, down 4.0% from last year.
- ⚡ Rental homes leased in just 32 days, 12.2% faster than a year ago.
Overall Outlook
Phoenix continues to demonstrate the resilience that has made it one of the country’s strongest long-term real estate markets. Declining inventory, stable home values, and consistent buyer demand point to a healthy sales market despite elevated mortgage rates. For rental property owners, shrinking inventory and faster leasing times indicate continued tenant demand, even as rents remain modestly below last year’s highs. Heading into the second half of 2026, Phoenix remains an attractive market for homeowners, investors, and buyers seeking long-term opportunities.
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May 2026
Sales Market
Active Listings: 4,178 (-7.9% YoY)
→ Inventory continues to tighten across Phoenix, giving buyers fewer choices than they had a year ago and signaling a healthier supply environment.
Median Sold $/SF: $275.75 (-1.8% YoY)
→ Home prices remain only slightly below last year’s levels, suggesting the market has largely stabilized after the pricing adjustments seen throughout 2025.
Average Days on Market: 49 (No Change YoY)
→ Homes are selling at virtually the same pace as last year, reflecting a balanced market despite higher borrowing costs.
30-Year Mortgage Rate: 6.52%
→ Mortgage rates increased in May, remaining the biggest obstacle to affordability for many buyers.
Rental Market
Active Listings: 1,462 (-7.1% YoY)
→ Rental inventory remains below last year’s levels, continuing the tightening trend that has developed over the past several months.
Median Rented $/SF: $1.43 (-5.3% YoY)
→ Rental pricing softened compared to last year, giving renters slightly more negotiating power despite reduced inventory.
Median Days on Market: 40 (+14.3% YoY)
→ Rentals are taking longer to lease than they did a year ago, indicating renters remain selective and value-conscious.
Key Takeaways
- Sales inventory continues to contract, reducing available housing supply.
- Home prices remain remarkably stable despite elevated mortgage rates.
- Selling times are unchanged from last year, reflecting a balanced sales market.
- Rental inventory continues to tighten across Phoenix.
- Rent prices remain below last year’s levels as landlords compete for qualified tenants.
- Higher mortgage rates continue to shape both buyer and renter decisions.
Overall
Phoenix’s May housing market continues to move toward a healthier balance. The sales market has tightened considerably compared to last year, with fewer homes available and prices remaining relatively stable despite higher mortgage rates. Buyer demand has held steady, as evidenced by unchanged selling times. The rental market tells a slightly different story: inventory has declined, but rents remain below last year’s levels and leasing is taking longer, suggesting renters are still highly price-sensitive. Overall, Phoenix remains a balanced market where affordability continues to be the primary driver of both buying and renting decisions.
April 2026
Sales Market
Active Listings: 4,196 (-4.1% YoY)
→ Inventory continues to tighten compared to last year, signaling a healthier supply environment after the elevated inventory conditions seen throughout much of 2025.
Median Sold $/SF: $283.57 (+2.2% YoY)
→ Home prices have officially turned positive year-over-year, a strong signal that Phoenix’s sales market is regaining pricing momentum.
Average Days on Market: 48 (-5.9% YoY)
→ Homes are selling faster than last year, indicating stronger buyer activity and improving market confidence.
30-Year Mortgage Rate: 6.35%
→ Mortgage rates improved from March’s spike, helping provide buyers with a modest affordability boost.
Rental Market
Active Listings: 1,398 (-4.8% YoY)
→ Rental inventory remains below last year’s levels, continuing the tightening trend that has developed this spring.
Median Rented $/SF: $1.47 (-2.6% YoY)
→ Rental pricing remains slightly below last year, though the pace of decline has moderated significantly.
Median Days on Market: 33 (+4.7% YoY)
→ Rentals are taking only slightly longer to lease than last year, suggesting relatively healthy renter demand despite softer pricing.
Key Takeaways
- Sales inventory continues to tighten, reducing buyer competition from excess supply
- Home prices have turned positive year-over-year, a major improvement from earlier 2026 softness
- Faster selling timelines point to stronger buyer demand
- Rental inventory continues tightening, creating a healthier supply environment
- Rental pricing remains slightly soft, but conditions appear stabilizing
- Lower mortgage rates compared to March may continue supporting spring momentum
Overall
Phoenix’s April market is showing some of the strongest improvement signals we’ve seen in months. The sales market has clearly strengthened, with tighter inventory, rising home prices, and faster selling timelines all pointing toward renewed buyer confidence. The rental market is also becoming healthier, with tighter supply and relatively stable leasing activity, though rents remain slightly below last year’s levels. Overall, Phoenix appears to be shifting firmly into a more balanced—and increasingly competitive—spring market.