Heading into November 2026, the Phoenix real estate market is balanced and leaning slightly toward buyers: prices are roughly flat from a year ago, homes take about two months to sell, and there are more listings to choose from. Mortgage rates eased a little in late October but are still above 7%, so payments, not just prices, are driving decisions.
Here is what the latest numbers say and what they mean if you are buying, selling, renting, or investing in the Valley. Most housing reports lag by a month, so the figures below are the newest available as of November 1, 2026, mostly covering September.
Phoenix Housing Market at a Glance
| Metric | Latest | Trend |
|---|---|---|
| Median sale price, City of Phoenix (Redfin, 3 months ending Sept.) | $452,285 | Up 0.5% year over year |
| Median days on market, City of Phoenix (Redfin) | 60 days | Down from 63 a year ago |
| Homes sold in Phoenix, September (Redfin) | 3,810 | Down 1.8% from 3,880 |
| Median sale price, Maricopa County (Redfin) | $473,939 | Down 2.7% year over year |
| Median sales price, ARMLS (September data) | $450,000 | Flat year over year |
| Months of supply, ARMLS (September data) | 4.45 months | Increased from the prior month |
| Active listings, City of Phoenix (Realtor.com, Sept.) | 18,437 | Up 7.5% year over year |
| Median list price, Phoenix (Realtor.com, Sept.) | $475,000 | Down 4.8% year over year |
| 30-year fixed rate (Freddie Mac, Oct. 29) | 7.24% | Down from 7.32% a week earlier; 6.17% a year ago |
| Median rent, City of Phoenix (Apartment List, Nov. report) | $1,250 | Down 2.5% year over year |
The Big Picture
Compared with our October 2026 Phoenix market update, not much has changed in direction, and that is the story. Sale prices are holding near last year’s levels while asking prices come down to meet buyers. Realtor.com reports that about 29% of Phoenix listings had a price cut in September, compared with about 21% nationally. Redfin says the typical Phoenix home sells for about 2% below its list price.
Sales are not collapsing either. ARMLS reports that 57,672 homes had sold across its market through September, 1,991 more than at the same point last year, and that the year is on pace to beat 2025’s total. In short, homes are selling, but buyers have more time and more choices than they did a few years ago.
Mortgage Rates
Freddie Mac’s Primary Mortgage Market Survey put the average 30-year fixed rate at 7.24% for the week of October 29, 2026, down from 7.32% the week before but well above the 6.17% of a year earlier. The 15-year fixed averaged 6.60%. Because rates move week to week, a pre-approval and a rate quote are worth getting before you start touring homes.
What It Means for Buyers
This is one of the better negotiating environments Phoenix buyers have had in years. With roughly four and a half months of supply and frequent price cuts, you can often ask for more than a lower price:
- Ask for seller concessions. A credit toward closing costs or a rate buydown can lower your monthly payment more than a small price reduction.
- Keep your protections. You generally do not need to waive your inspection period to compete.
- Watch homes that have been listed a while. Listings past the 60-day mark often have the most room to negotiate.
- Get pre-approved first. Our lending services team can compare conventional, FHA, and VA options with you.
Ready to look? Browse our current listings or see how we help with buying a house in Phoenix.
What It Means for Sellers
Fall and winter bring buyers back to the Valley as the heat breaks, but you are competing with more listings than last year. The sellers who do best right now:
- Price from recent sales, not old highs. Overpriced homes sit, and later price cuts can cost more than pricing right at launch.
- Fix the basics before listing. HVAC service, roof and pool checks, and fresh desert landscaping help a home stand out and hold up in inspection.
- Stay flexible on terms. A closing-cost credit or rate buydown can widen your buyer pool when rates are above 7%.
Want to know what your home could sell for? Learn more about selling your home with Urban House Realty and ask for a free valuation.
What It Means for Renters
Rents in Phoenix keep softening. Apartment List’s November 2026 report puts the citywide median rent at $1,250, down 2.5% from a year earlier, with a median of $1,071 for a one-bedroom and $1,277 for a two-bedroom. Across the wider metro, the median is $1,342. Yardi Matrix’s September report, which tracks advertised rents at larger apartment communities, showed an average of $1,529, down 2.1% year over year.
Softer rents give renters room to negotiate on lease terms and move-in specials. If you would rather work toward owning, read our guide to rent-to-own homes in Phoenix or learn about our lease-to-own program.
What It Means for Investors
Flat prices, slightly lower rents, and rates above 7% make cash flow harder to find, so underwrite conservatively. At the same time, longer days on market and frequent price cuts mean motivated sellers. Focus on the numbers: realistic rent, vacancy, HOA dues, insurance, and repairs, and look for properties with existing leases, below-market pricing, or seller-friendly terms that improve your return.
Talk to a Local Phoenix Real Estate Team
Market averages only tell part of the story; every street and home is different. Whether you are buying, selling, renting, or investing, call Elsa at 602-586-8447 or Andy at 623-845-2642, or send us a message through our contact page.
Frequently Asked Questions
Is the Phoenix housing market going down in November 2026?
Not sharply. Redfin shows the Phoenix median sale price at about $452,000 over the three months ending September 2026, up 0.5% from a year earlier, while Maricopa County is down 2.7%. Asking prices are falling faster than sale prices, and about 29% of Phoenix listings had a price cut in September, according to Realtor.com.
Is it a buyer’s or seller’s market in Phoenix?
It is close to balanced and leaning toward buyers. ARMLS reported 4.45 months of supply in its September data, homes take about two months to sell, and many sellers are cutting prices or offering concessions.
What are mortgage rates in Phoenix right now?
Freddie Mac’s national survey put the average 30-year fixed rate at 7.24% and the 15-year fixed at 6.60% for the week of October 29, 2026. Your own rate depends on your credit, down payment, and loan type.
How much is rent in Phoenix in November 2026?
Apartment List’s November 2026 report puts the median rent in Phoenix at $1,250, down 2.5% year over year, with one-bedrooms at $1,071 and two-bedrooms at $1,277.
How long does it take to sell a home in Phoenix?
Redfin reports a median of 60 days on market in Phoenix for the three months ending September 2026, down from 63 days a year earlier. Closing usually adds several more weeks after an offer is accepted.
Sources: Redfin Phoenix and Maricopa County housing market data (three months ending September 2026); ARMLS October 2026 STAT Report (September data); Realtor.com Phoenix market report (September 2026); Freddie Mac Primary Mortgage Market Survey (October 29, 2026); Apartment List Phoenix Rent Report (November 2026); Yardi Matrix Phoenix Multifamily Report (September 2026). Figures are subject to revision.
