Fall is here, and the Phoenix real estate market looks very different than it did a year ago. Buyers have more homes to choose from, prices have leveled off, and mortgage rates just climbed back above 7%. Whether you’re buying, selling, renting, or investing in the Valley, here’s what the latest numbers mean for you.
Phoenix Housing Market at a Glance
| Metric | Latest | Trend |
|---|---|---|
| Median sales price (Greater Phoenix, ARMLS) | $445,000 | Down 1.1% from July, up 1.1% from a year ago |
| Homes for sale (Greater Phoenix, ARMLS) | 23,406 | Essentially flat month over month |
| Median days on market (ARMLS) | 64 days | Up from 61 in July, down from 67 a year ago |
| 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 mortgage rate (Freddie Mac, Oct. 1) | 7.28% | Up from 7.03% a week earlier and 6.34% a year ago |
| Phoenix asking rent (Yardi Matrix) | $1,529 | Down 2.1% year over year |
The big picture: the Phoenix housing market is balanced and slowly tilting toward buyers. Inventory is growing faster here than in most of the country, homes are taking a bit longer to sell, and sellers are adjusting their list prices to meet the market. Prices aren’t falling off a cliff, though. The median sales price is still slightly above where it was last year.
What It Means for Buyers
If you’ve been waiting for the bidding wars to end, this is your market. With more homes for sale in Phoenix and longer days on market, buyers can negotiate again. Here’s how to use that leverage:
- Ask for seller concessions. Many sellers are willing to pay toward closing costs or a rate buydown, which can lower your monthly payment more than a small price cut.
- Keep your inspection contingency. You no longer need to waive protections to win a home.
- Get pre-approved first. With rates moving week to week, knowing your real budget is essential. Our lending services team can walk you through conventional, FHA, and VA loan options.
- Look at homes that have been listed a while. A listing that has sat for 60+ days often has the most room to negotiate.
Ready to start your search? Browse our current listings, or read our guide to buying a house in Phoenix.
What It Means for Sellers
Fall is traditionally one of the strongest selling seasons in the Valley, as the heat breaks and buyers come back out. But with more competition from other listings, the sellers who win are the ones who:
- Price it right from day one. Homes priced correctly at launch get the most showings. Overpriced homes sit, and price cuts later can cost you more.
- Make it move-in ready. Fresh paint, clean landscaping, and small repairs help your home stand out from the growing inventory.
- Stay flexible on terms. Offering a closing-cost credit or a rate buydown can attract buyers who are stretched by higher mortgage rates.
Thinking about listing? Learn more about selling your home with Urban House Realty.
What It Means for Renters
Phoenix rent prices have cooled. Yardi Matrix reports average asking rents of about $1,529, down 2.1% from last year, and Apartment List shows the city’s median rent down 2.9% over the past 12 months. Years of new apartment construction have given renters more choices, and many landlords are competing for good tenants.
That makes this a great time to lock in a lease. If you’re looking for a condo near Old Town Scottsdale, check out the rentals on our listings page and our rental application process. Not ready to buy yet? Our lease-to-own program can help you get there.
What It Means for Investors
Higher rates and softer rents mean investors need to run the numbers carefully, but more inventory and motivated sellers also mean better deals. Look for properties with strong existing leases, seller financing, or below-market pricing. Creative terms can make a big difference when bank financing is above 7%.
Where to Look Around the Valley
Every Phoenix-area community is moving at its own pace. Explore our neighborhood guides for McCormick Ranch, Gainey Ranch, Kierland, Desert Ridge, Chandler, Gilbert, and Mesa.
Talk to a Local Phoenix Real Estate Expert
Market data only tells part of the story. Every home, street, and neighborhood is different. Whether you’re buying, selling, or renting, the Urban House Realty team is here to help. Call Elsa at 602-586-8447 or Andy at 623-845-2642, or send us a message.
Sources: ARMLS STAT Report (September 2026, covering August data); Realtor.com Phoenix market report (September 2026); Freddie Mac Primary Mortgage Market Survey (October 1, 2026); Yardi Matrix Phoenix Multifamily Report (September 2026); Apartment List Phoenix Rent Report (October 2026). Figures are subject to change.
