January 2026 - Maricopa County Real Estate Market Update 

In this post, we’re breaking down what happened in the Maricopa County real estate market as we closed out 2025 and entered 2026, what the latest data means for buyers and sellers, and how to think strategically about the months ahead.

What’s Happening in the Maricopa County Real Estate Market?

• There were 6,374 closed sales in December, up 18% from November and 14% higher than a year ago.
• Active listings totaled 22,248, down 9% from last month, but still 12% higher than January 2025.
• Pending listings fell to 3,373, down sharply from last month as many homes moved from contract to closing.
• Average price per square foot was $303.80, up 2.4% month-over-month and 0.3% year-over-year.
• Median sales price rose to $455,000, up 1.1% from both last month and last year.
• Average sales price was $609,719, up 3.7% from last month and 1.4% year-over-year.
• Average days on the market was 87 days.

According to the Cromford Report, supply continued to decline throughout December, ending the year down roughly 10% from late November. This tightening helped remaining sellers, though buyers still enjoy more choice than they did at the start of 2025.

December closings were especially strong, driven by higher-priced homes early in the month and increased activity at lower price points later in December. The months of supply dropped to 3.48, which is a meaningful drop from the month prior, reflecting a combination of stronger closings and fewer active listings. In practical terms, this signals a market that is moving closer to balance, though buyers still retain negotiating power in many price ranges.

What Does This Mean for Phoenix Homeowners and Sellers?

Sellers ended 2025 in a better position than most of the year:

• Supply is falling.
• Prices are edging up.
• Buyer demand is improving.

That said, inventory remains higher than a year ago, and many cancelled or expired listings are expected to return in the next 8–12 weeks. Sellers should still focus on pricing correctly and preparing homes well to stand out as new competition comes back to market.

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What Does This Mean for Phoenix Home Buyers?

Buyers still have good opportunities:

• Inventory is tighter than last month but still elevated year-over-year.
• Prices are rising modestly, not rapidly.
• Affordability has improved thanks to rising incomes and lower interest rates than most of 2025.

This remains a market where negotiation matters, especially outside the luxury segment.

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Conclusion

The Phoenix housing market outperformed low expectations at the end of 2025. Supply is falling, demand is improving, and prices are showing resilience. Buyers still have leverage, but sellers are entering 2026 in a much stronger position than they were mid-year.

The next few weeks will be critical in determining whether this momentum holds.

Sources:
ARMLS STAT Report – December 2025
Cromford Report Market Summary
Cromford Report Mid-Month Forecast