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. Source
Addressing Housing Shortages
The Common Sense Institute reports an immediate need for about 56,000 housing units in Arizona, with a long-term deficit of approximately 110,000 homes. Factors such as high housing prices, elevated interest rates, and supply constraints contribute to this shortage, making it challenging for many residents to find suitable housing. Source
New Developments on the Horizon
In response to these challenges, several significant housing projects are underway in Phoenix:
The Moreland
Located in downtown Phoenix, The Moreland is a 237-unit affordable housing development designed to provide a mix of studio, one-, two-, and three-bedroom units. The project aims to serve working families and individuals seeking housing close to jobs, schools, and transit. Construction is planned in two phases, with the first phase expected to be completed by December 2027. Source
Girasol Apartments
In the Edison-Eastlake community, the Girasol Apartments project is replacing 145 outdated public housing units with 364 new affordable and market-rate apartments. This development emphasizes accessibility, sustainability, and inclusivity, offering one, two, and three-bedroom units to individuals and families. The project is part of a broader effort to revitalize the area through the U.S. Department of Housing and Urban Development’s Choice Neighborhoods Initiative. Source
Grand View Arizona
In Buckeye, the planned 2,500-acre Grand View Arizona manufacturing campus is expected to significantly transform the area both economically and structurally. The “mega site” aims to attract companies across various advanced industries, potentially yielding over $1 billion in economic impact and positioning Buckeye as a competitive destination for high-quality employers. Source
Looking Ahead
As Phoenix continues to grow, these developments and initiatives play a crucial role in addressing housing shortages and providing affordable options for residents. Staying informed about market trends and new projects can help individuals and families make informed decisions in this evolving landscape.