House Charts

Phoenix Housing Market: Home Prices & Rent

Updated September 2026 data · metro area
Phoenix home values are down 1.1% over the past year, to a typical $441k - 11% below the July 2022 peak. Typical rent is $1,720 a month (+1.0% in a year).
Typical home value
$441k
-1.1% (-$4,791) in 12 months
From the peak
-11%
Peak $497k, Jul 2022
Since Dec 2019
+49%
from $295k
Typical rent
$1,720/mo
+1.0% in 12 months
Income needed to buy
$111k/yr
20% down, 30% of income
Days to go under contract
62
September 2026

Phoenix home values since 2000

$100k$200k$300k$400k$500k2000200420082012201620202024Peak $497k (Jul 2022)Now $441k

Last few years

$300k$400k$500k20192020202120222023202420252026Peak $497k (Jul 2022)Now $441k

Rent in Phoenix

$1,000$1,250$1,500$1,750201520172019202120232025Now $1,720

Owning vs renting, monthly

Buying the typical Phoenix home with 20% down at this week's 7.32% 30-year rate costs about $2,975/month (principal, interest plus ~1.5% a year for tax and insurance) vs $1,720/month typical rent.

Rate: Freddie Mac, week of Oct 22, 2026. Estimate for comparison only.

What changed this month

Phoenix vs Arizona vs the U.S.

Typical home12-month changeTypical rent
This metro$441k-1.1%$1,720/mo
Arizona$417k-1.0%-
United States$366k+1.2%$1,932/mo

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Common questions

Are home prices falling in Phoenix?

Yes - the typical Phoenix-area home value is down 1.1% over the past 12 months, at $441k (September 2026). Values are 11% below their July 2022 peak of $497k.

Is the Phoenix housing market crashing?

Home values are 11% below their July 2022 peak and down 1.1% over the past year - a gradual decline, not a sudden collapse. Whether that continues isn't knowable from the data - this page updates every month when new figures come out.

How much is rent in Phoenix?

Typical rent in the Phoenix metro is $1,720 a month (September 2026), +1.0% over 12 months.

How much income do you need to buy a home in Phoenix?

About $111k a year to afford the typical home with 20% down, spending no more than 30% of income on housing (September 2026).

Nearby and similar metros

Tucson, AZ · Charleston, SC · Madison, WI · Colorado Springs, CO · Nashville, TN

Sources: Data Provided by Zillow Group (Zillow Home Value Index and Zillow Observed Rent Index, September 2026; income needed and listing data). 30-year mortgage rate: Freddie Mac PMMS. Figures are for the Phoenix, AZ metro area. How we calculate.