Phoenix, AZ
Balanced's marketSoftening prices and 61% of homes selling below list — Phoenix is one of the cleaner buyer markets in the country right now.
DATA · Zillow Research (via scrape.do) · AS OF APRIL 2026
| Detail | Value | Detail | Value |
|---|---|---|---|
| Median list price | $463,333 | Median sale price | $422,233 |
| Sale-to-list ratio | 0.987 | % sold below list | +61.2% |
| Active inventory | 5,617 | New listings | 1,738 |
How Phoenix has moved.
Phoenix sits at a median home value of $411,323 as of the latest Zillow read, down 2.4% year-over-year — a meaningful softening that’s putting deal flow back on the table for cash buyers.
The sale-to-list ratio of 0.987 signals a balanced market — neither bid wars nor fire sales dominate. 61.2% of closings land below list, leaving room to negotiate on the right deal but no broad discount across the board.
Rents are workable but not generous. ZORI of $1,571/mo against a $411k median gives a 4.58% gross yield — average for the metro tier, requiring tight underwriting on any hold.
Median days-on-market is running around 23 days against 5,616.667 active listings — that’s a fast-moving market. Speed is the moat; pre-arranged proof of funds and a tight buyers list are the difference between getting under contract and getting outbid.
MDR’s composite investor score for Phoenix is 57/100 based on rent yield, sale-to-list discount, motivated-seller proxies, and DOM. Lower tier this quarter. Watch list, not deploy list — re-evaluate next read.
The same data, five operator lenses.
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Phoenix for investors.
Is Phoenix a good market for real estate investors in 2026?
Metro Deal Report's composite investor score for Phoenix is 57/100, based on rent yield, sale-to-list ratio, motivated-seller proxies, and days on market. Phoenix is a lower-tier market right now. Watch list, not deploy list, until the numbers shift.
What is the median home price in Phoenix?
The typical home value in Phoenix as of the most recent Zillow read is $411,323. Median list price is $463,333 and median sale price is $422,233. Year-over-year change: -2.4%.
What can a landlord expect to rent a property for in Phoenix?
Zillow's Observed Rent Index for Phoenix is $1,571/mo. Against the typical home value of $411k, that produces a gross annual rent yield of 4.58% — right at the national baseline, requiring tight underwriting on holds.
Is Phoenix a buyer's or seller's market?
Phoenix's current sale-to-list ratio is 0.987 with 61.2% of homes closing below list. That's a balanced market — neither side dominates. Median days on market: 23 days. Active inventory: 5,617 listings.
Which investment strategy works best in Phoenix?
Phoenix's data favors a mixed approach — no single strategy dominates, so selective deal sourcing wins. See the per-strategy breakdowns at /wholesaling/phoenix, /brrrr/phoenix, and /flipping/phoenix.
Loan options for Phoenix properties.
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