Phoenix, AZ Housing Market
Market data powered by Zillow Research. Last updated: 2026-04-02
Phoenix, AZ is a cooling market — favorable for buyers.
- •Prices have declined 2.4% — a strong buyer's market with room to negotiate.
- •Price-to-rent ratio: 21.6 — renting may be more affordable in the near term.
Median Home Value
$446,248
ZHVI
Year-over-Year
-2.4%
Price change
5-Year Change
+27.6%
Since 2021
Median Rent
$1,724/mo
ZORI
Active Listings
23,563
For sale
State Avg
$420,906
Arizona
Home Value Trends
5-year Zillow Home Value Index for Phoenix, AZ vs. state and national averages.
Rent Data
Median Rent
$1,724/mo
Rent YoY Change
-0.8%
Other Markets in Arizona
Market data provided by Zillow Research. Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI) are trademarks of Zillow, Inc.