Greater Phoenix Market Update: What Q2 2026 Looks Like

Here’s a quick market update for the Greater Phoenix area as we head into the second quarter of 2026, and honestly, some of these numbers surprised even us.

Active inventory is slightly up, about 2 to 3% compared to last year. So yes, buyers have a few more options out there. But here’s where it gets interesting. Pending listings are up 5%. Homes under contract are up over 7%. And closed sales are up 11% over the last year. On top of that, showings jumped 11% in March, hitting the highest level we’ve seen in the past year.

Here’s the twist. All of this is happening while mortgage rates have moved up to around 6.45% and the cost of gasoline has increased. Most people, including us, expected the market to slow down with those headwinds. It didn’t. Buyers are still showing up, and the activity numbers prove it.

Prices are doing something very specific right now. The median home price is sitting around $455,000, basically flat compared to this time last year. Not dropping. Not surging. Just holding strong. The best way to describe this market is steady. And in a year when a lot of people were expecting a pullback, steady is actually a good sign.

Now, it’s not the same story across every segment. If you’re in the luxury space, especially over $2 million, that market is still pushing prices higher. There’s strong demand and limited inventory at the top end. On the flip side, smaller condos are struggling a bit, mainly because HOA fees and insurance costs are going up, which is making those properties harder to move.

So what’s next? We’re seeing signs that pricing could soften slightly in the short term, but honestly, the data has been unpredictable. Even the experts are watching this market day by day. What we can say with confidence is that demand is stronger than expected, inventory is rising slightly, prices are holding steady, and opportunities exist if you know where to look.

If you’re thinking about buying or selling in today’s market, I’d love to have a quick conversation. Call me at 602-430-5226, email me at natem@remax.net, or visit asknatemartinez.com. Let’s talk through your situation so you feel confident about your next steps.