Phoenix’s housing market is experiencing notable shifts, with recent data indicating a slight decrease in home prices. As of March 2026, the average home value in Phoenix stands at $410,169, reflecting a 2.7% decline over the past year. Homes are typically going under contract in approximately 26 days, suggesting a market that remains active despite the price adjustments.
In the rental sector, the average rent in Phoenix is $1,550 as of January 2026, which is below the national average of $1,895. This positions Phoenix as a relatively affordable option for renters compared to other major cities.
Addressing the housing shortage, the City of Phoenix has initiated several affordable housing projects. Notably, The Moreland, a 237-unit housing community in downtown Phoenix, broke ground in February 2026. This development aims to provide much-needed affordable and workforce housing, with construction expected to be completed in two phases by December 2027.
Additionally, the Choice Neighborhoods initiative is transforming the Edison-Eastlake community by replacing 577 obsolete public housing units with over 1,000 units of mixed-income housing. This comprehensive plan includes new parks, green spaces, and community centers offering various supportive services.
These developments reflect Phoenix’s commitment to addressing housing affordability and availability, aiming to create a more inclusive and sustainable urban environment for its residents.