Phoenix Housing Market Update: Q1 2026

The Phoenix metropolitan area continues to show resilience in Q1 2026. Median home prices have stabilized around $420,000, representing a modest 3.2% year-over-year increase. Inventory levels have improved with 2.8 months of supply, giving buyers slightly more options than the tight market of 2024-2025.\n\nKey highlights:\n- Median days on market: 28 days\n- New listings up 12% from Q4 2025\n- Cash offers now represent 24% of transactions\n- The 85032 and 85028 zip codes seeing strongest appreciation\n- First-time buyer activity increasing with new down payment assistance programs\n\nFor buyers, this market offers a window of opportunity before the historically busy spring season. For sellers, pricing strategy remains critical — overpriced homes are sitting longer while correctly priced properties continue to move quickly.