In this post, we’re breaking down what April’s data tells us about the Maricopa County real estate market—and what it means for buyers and sellers heading into summer.

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

• There were 7,581 closed sales in April, which is up 4.1% from a year ago, and nearly flat from March. 
• Active listings came in at 25,547, which is down 2.6% from last April. That’s the first time April inventory has dropped year-over-year in five years.
• Average sales price was $599,310, which is up 1.9% year-over-year, but down 6.1% from last month’s $638,076 average sales price.
• Median sales price was $449,000, which is up 0.9% year-over-year, but down 1.3% from March.
• Average days on market: 83 days, which is down from 85 last month 
• Months of supply: 3.37, nearly flat from last month’s 3.34, and down from 3.60 a year ago.

What’s Really Happening With Home Prices

The average sales price dropped $38,000 from March to April. That’s a big one-month swing, and it’s worth understanding why before you read too much into it.

March had an unusually high number of luxury closings, which pulled the average up. When those fell off in April, the average came back down. The median price—which is less sensitive to a few big sales—only moved about $6,000. That’s a more stable read on what’s actually happening for most of the market.

Here’s the fuller picture:

• Median sales price: $449,000, up 0.9% from last April but down from $455,000 in March.
• Average price per square foot: $279.69, down 1.5% from last month and essentially flat year-over-year.
• Average new list price: $679,379—down 8.2% over the past three months. Sellers are adjusting their asking prices to match where buyers actually are.
• Median new list price: $480,000, down 1% from a year ago.
• Once you factor in inflation, prices are effectively flat to slightly lower in real terms compared to last year.

Bottom line: prices aren’t falling off a cliff, but they’re not climbing either. Sellers who are priced right are moving. Sellers who aren’t are sitting.

Where Demand Is Strong—and Where It’s Not

Demand held up in April, but it’s not evenly spread across the market. Where your home is—and what it’s priced at—matters more right now than almost anything else.

• Single-family homes, especially above $500K, are seeing solid demand. If you’re in a desirable central or higher-end location, buyers are there.
• Condos, townhomes, and apartments are a different story. Demand in those segments is noticeably weaker.
• Below $500K, buyers have more options and more leverage. Above $500K, sellers hold the advantage.
• Outer suburbs and fringe markets are still dealing with more supply than demand. If your home is in one of those areas, expect more competition and more buyer pushback on price.

April had the highest closing count for that month since 2022. Under contract activity is up 8% year-over-year. Buyers are engaged—but they’re being selective about it.

Inventory Finally Turned a Corner

For the past four years, April inventory kept climbing year-over-year. This April, it didn’t. That’s a meaningful shift.

• Active listings dropped 2.6% from a year ago—the first April decline since 2022.
• New listings also fell, down 4.9% year-over-year. Fewer sellers are entering the market than last year.
• Months of supply at 3.37 is tightening from last year’s 3.60. The inventory cushion is slowly compressing.
• Supply typically eases further as we move into summer, which could tighten things a bit more heading into June.

One note of caution: the inventory peak came later in the season this year than in prior years. Historically, a late peak is a signal that the reversal may be more modest than it looks. We’re watching it closely.

What Does This Mean for Phoenix Homeowners and Sellers?

Conditions are improving. Inventory is finally coming down, closings are up, and homes are selling faster than they were a few months ago. That’s good news.

• Closings hit a four-year April high, which means more homes are successfully being sold.
• Days on market dropped to 83, down from 85 last month and way down from 94 in January.
• Under contract activity is up over 8% from a year ago. Buyers are moving.

That said, a few things are still working against overpriced listings:

• The average new list price has dropped 8% over three months. The market is telling sellers where it stands.
• Below $500K, buyers have options and they know it. Pricing aggressively in that range tends to backfire.
• Sellers who price based on what’s actually closing right now—not what sold at peak—are the ones getting results.

Thinking about selling? Get a pricing strategy built around what’s actually selling in your price range today. Get your FREE Home Value Report here.

What Does This Mean for Phoenix Home Buyers?

Buyers still have leverage in parts of this market—but the window is narrowing, and it’s worth knowing where you stand.

• In outer suburbs and below $500K, you still have negotiating room. Sellers are more willing to work with you on price and terms.
• Fewer deals are falling out of escrow this year compared to last—so once you’re under contract, it’s a more stable environment.
• Average days on market is still 83 days. You’re not in a bidding-war-every-weekend market. There’s time to be thoughtful.

But here’s what’s changing:

• Inventory just had its first April decline in five years. The supply cushion that made 2024 and early 2025 so buyer-friendly is compressing.
• Under contract activity is up 8% year-over-year. More buyers are actively competing for well-priced homes.
• Fewer new listings are coming to market. Less fresh inventory means fewer second chances on a home you passed on.

Thinking about buying? Sign up for our property search app here to get a clear picture of what’s actually available right now.

Conclusion

April showed a market that’s stabilizing—not surging, but moving in the right direction.

Closings hit a four-year high. Inventory turned the corner for the first time in five years. Demand held up, especially above $500K. The gap between well-located, well-priced homes and everything else is getting wider.

For buyers, the window of relative leverage is still open—but it’s closing faster than it was six months ago.

For sellers, the momentum is shifting your way. But pricing still has to be right. That part hasn’t changed.

Sources:

ARMLS STAT Report – April 2026

Cromford Report Market Summary