March 2026 Phoenix Housing Market Trends

If you’re planning to buy or sell a home in Phoenix, you might be feeling a little unsure about what’s really going on. There’s a lot of information out there, and it can be hard to know what to trust.

The latest data from March 1, 2026, shows that the market this year is steadier and more predictable than it has been in a while. Let’s take a closer look.

Active listings in the Phoenix market. This shows there are more homes available for buyers than there were last year or even last month.

• Current: 25,502 homes. Active listings across all areas and property types, excluding homes under contract.
• February 2026: 24,593 homes. Inventory has increased by about 3.7% compared to last month.
• March 2025: 23,934 homes. Inventory is up about 6.6% compared to the same date last year.

Listings including homes taking backup offers. Even with backup offers, there’s more overall inventory for buyers to choose from.

• Total listings: 29,341 homes. Up from 27,377 homes in March 2025, a 7.2% increase.
• Month-over-month increase: 5.9%. Compared to almost 28,000 homes in February 2026.

Pending listings. Buyer activity has picked up recently, even if year-over-year numbers are a little lower.

• Current: 4,881 homes. Slightly lower than 5,028 homes in March 2025 (down 2.9%).
• Month-over-month change: +15%. Up from 4,233 homes in February 2026.

Homes under contract (including CCBS and UCB). More buyers are moving forward with offers compared to last month.

• Current: 8,720 homes. Up from 8,471 homes in March 2025, a 2.9% increase.
• Month-over-month change: +15%. Up from 5,564 homes in February 2026.

Monthly home sales. Sales are picking up compared to last month, showing that buyers are closing deals.

• Current: 5,870 homes sold. Up just over 1% compared to 5,814 sales in March 2025
• Month-over-month: +21%. Up from 4,861 sales in February 2026.

Average price per square foot. Prices are slowly trending upward, but the change is modest.

• Current: $314.43 per sq. ft. Up from $311.70 in March 2025 (0.09% increase).
• February 2026: $314.37. Slight increase compared to last month as well.

Mortgage rates in perspective. Mortgage rates have been a major concern for buyers over the past few years. A lot of people felt that interest rates were simply too high.

However, when you look at the past 50 years, the average mortgage rate in the United States has been around 7.5%.

In fact, during the early 1980s, when I bought my first home, mortgage rates reached 15%. More recently, interest rates dropped below 6% for the first time in three years.

I recommend taking advantage of current home prices while mortgage rates are in the five percent range. If rates drop later, you can always refinance, though I don’t think they will.

A clearer market in 2026. Overall, the 2026 housing market looks clearer, calmer, and more predictable than it has been in years. However, what’s happening nationally does not always reflect what’s happening in a specific neighborhood.

If you want a personalized breakdown of what’s happening in the metropolitan Phoenix area, it helps to look at the data specific to your local market.

Whether you’re buying, selling, refinancing, or simply planning ahead, reach out to 602-942-7000, email natem@remax.net, or visit asknatemartinez.com. I’d be glad to help you understand your options and feel more confident about your next steps.