Arizona Housing Market Trends

Real-time market data powered by Zillow Research. Last updated: 2026-04-02

After explosive growth in 2020-2022, Arizona's market has stabilized with prices settling into single-digit annual appreciation in most metros. Phoenix remains one of the top relocation destinations for Californians seeking lower costs and similar sunshine. The Tucson market has lagged Phoenix in recovery but offers substantially better affordability, with median prices roughly 40% below the Phoenix metro. New construction, particularly in the far West Valley (Buckeye, Goodyear) and southeast Mesa, is adding significant inventory.

By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: Zillow Research, U.S. Census

Is Now a Good Time to Buy in Arizona?

The Arizona housing market is showing balanced conditions.

home values have declined 2.2% over the past year, which means more negotiating power for buyers. there are currently 3,345 homes on the market.

Median Home Value

$420,906

Zillow Home Value Index

Year-over-Year

-2.2%

Home value change

5-Year Change

+28.1%

Since 2021

Median Rent

$1,700/mo

Zillow Observed Rent Index

Active Listings

3,345

Homes for sale

Home Value Trends

5-year Zillow Home Value Index (ZHVI) for Arizona vs. national average. ZHVI reflects the typical home value in the 35th-65th percentile range.

Rent Trends

Average rent in Arizona: $1,700/mo (+1.1% YoY)

Rent vs. Buy Analysis

With a median home value of $420,906 and average rent of $1,700/mo, the price-to-rent ratio in Arizona is 20.6. A ratio of 15-21 means it could go either way — run the numbers.

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