What You Need to Know About the Greater Phoenix Market Right Now

As we kick off March, I wanted to share the latest numbers from The Cromford Report — the most trusted data source for Phoenix real estate. Whether you’re thinking about buying, selling, or just keeping tabs on your home’s value, here’s what’s happening in our market.

The Numbers (March 1, 2026 vs. March 1, 2025)
Here’s the snapshot for all areas and property types across the Greater Phoenix metro:

Active Listings:

• 25,502 homes (excluding pending/contingent) — up 6.6% from last year
• 29,341 total listings (including pending/contingent) — up 7.2% from last year
• Inventory has grown 3.7% just since last month

Homes Under Contract:

• 8,720 total listings under contract — up 2.9% from last year
• 4,881 pending listings — down 2.9% from last year
• But pending listings are up 15% from last month (seasonal bump)

Sales Activity:

• 5,870 monthly sales — up just 1.0% from last year
• Up 21% from January, which is normal for our seasonal pattern

Pricing:

Average price per square foot: $314.43 — up 0.9% from last year

Median sales price: $450,000 — down 2.0% from last year, but up 0.7% from last month

What This Means: My Take

1. Inventory Has Likely Peaked (For Now)

Active listings continued to grow in February, but at a slower pace than January. It looks like we’ve either hit a ceiling or we’re very close. We’re still higher than this time last year, but the gap is closing.

2. Buyer Activity Is Still Restrained

Here’s the thing: pending listings look a little weak, but total homes under contract are actually up 2.9% year-over-year. What’s happening? More agents are using “under contract” and “contingent/continue to show” status instead of traditional “pending.”

3. Sales Are Up, But Only Slightly

Monthly sales at 5,870 are decent — up 1% from last February. They’re also up 21% from January, which tracks with our normal seasonal pattern. We saw the same January-to-February jump last year.

So while sales are moving in the right direction, we’re not seeing explosive demand.

4. The Luxury Market Is Driving Price Appreciation

Here’s where it gets interesting: the average price per square foot is up 0.9%, which tells us appreciation is happening. But the median sales price is down 2% from a year ago.

What does that mean? Strong sales at the very high end are lifting the average, but prices in the low-end and mid-range segments are weaker. Supply is comfortably exceeding demand in most of the outer areas, while central Phoenix and Scottsdale continue to hold stronger.

5. Location Matters More Than Ever

There’s a big difference in market conditions depending on where you’re looking. Inexpensive outer locations (far West Valley, far Southeast Valley) have more inventory and softer pricing. Upscale areas closer to Central Phoenix and Scottsdale are seeing tighter inventory and better price stability.

If you’re selling in Arcadia, Biltmore, or North Scottsdale, you’re in a much stronger position than if you’re selling in Avondale or Queen Creek right now.

6. Lower Rates Brought Out Buyers AND Sellers

The drop in interest rates has brought a few more buyers into the market, but it’s also brought out more sellers. So far, there hasn’t been a significant shift in the balance between supply and demand — we’re still in a relatively balanced market, not heavily favoring buyers or sellers.

If you have questions about your specific situation — whether you’re buying, selling, or just curious about your home’s value — reach out. I’m always happy to talk through the numbers and what they mean for you.

Data source: The Cromford Report, March 1, 2026

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