I get asked this question almost every week. If I had to give you the overall picture of the Phoenix Metro right now: buyers have more leverage than they’ve had in years, and sellers who understand that are the ones still getting deals done.
The Numbers Right Now
Maricopa County has roughly 3.6 months of housing supply — under 4 months traditionally favors sellers, 4-6 is balanced, 6+ favors buyers. Average days on market is around 73, more than double the pace of the 2021-2022 peak. Pending sales have slowed noticeably, and a large share of active listings have taken at least one price reduction.
So Is It a Buyer’s Market or Not?
Technically Phoenix isn’t quite a full buyer’s market by the numbers, but the negotiating room, concessions, and time homes sit make it feel much closer to buyer-favorable than the raw inventory figure suggests.
What This Means If You’re Buying
You have room to negotiate on homes that have sat a while. A large share of recent closings included some form of seller concession — money toward closing costs, a rate buydown, or repairs. Rates still matter more than the sticker price; a rate buydown can save more per month than an equivalent price cut. Don’t assume every home is a deal — well-priced homes in desirable school zones or with pools still move quickly.
What This Means If You’re Selling
Price it right the first time — an overpriced listing just sits, and every week it sits, buyers assume something is wrong with it. Expect to negotiate some give, whether a price adjustment or a concession. Offering a closing-cost credit or rate buydown instead of a price cut can help a buyer’s payment without permanently lowering your recorded sale value. Presentation matters more than ever when buyers have choices.
Why the Countywide Number Isn’t the Whole Story
Months-of-supply is a useful macro number, but Phoenix, Scottsdale, Chandler, Gilbert, Mesa, and Tempe each have their own supply-and-demand dynamics. Look at data for your specific price range and ZIP code, not just the countywide average.
The Bottom Line
Phoenix in August 2026 isn’t a screaming buyer’s market, and it isn’t the frenzied seller’s market of a few years ago. It’s somewhere in between, with real leverage available to prepared buyers and real opportunity for sellers who price correctly and negotiate smart.
Call Mike at (480) 201-3700 or contact me for a read on exactly what’s happening in your neighborhood and price point.
Mike Caruso | HomeSmart Elite, Scottsdale AZ | 22+ years | 500+ homes sold
