09/27/2026
35% of Greater Phoenix listings came off the market last year without selling.
A year ago that number was 32%. Two years ago it was 26%. Flip it around and the share of listings that actually sold has dropped 8.8 points in two years.
That one number explains most of what is happening here.
Supply is up 2.2%. Sales are down about 11%. Months of supply moved from 4.1 to 4.7.
But prices did not drop. The median sale price is $449,998 against $446,650 a year ago, and across the full twelve months it has not moved at all.
So this is not a correction. It is a market where buyers have choices and the wrong price gets ignored.
If you are selling, your first three weeks decide the outcome. Price it right at launch, not after two reductions.
If you are buying, that same 35% is your leverage. A seller sitting sixty days negotiates very differently than one sitting ten.
And the Valley is not one market. Phoenix sits at 112 on the market index. Buckeye sits at 51. Same metro, opposite strategies.
Want the numbers for your own street? DM me STREET and I will pull the actual comps for your block and price band.
Source: The Cromford Report and ARMLS.
