What It's Like to Buy a Home in the Phoenix Metro Right Now (November 2026)

The short version: buyers have the upper hand

If you've been waiting for the right moment to buy a home in the Phoenix metro, this fall is worth a serious look. In just two months, the Valley has shifted from a fairly balanced market into one that clearly favors buyers. More homes are sitting on the market, sellers are more willing to negotiate, and more than half of all closings now include money from the seller to help the buyer.

Of the 40 market readings tracked in the latest Cromford Report snapshot (November 9, 2026), 34 point in the buyer's favor. Here's what that looks like in real life if you're house hunting right now.

The market turned fast this fall

The Cromford Market Index is one of the best single measures of who has the advantage in Phoenix real estate. A reading of 100 means a balanced market. Above 100 favors sellers, and below 100 favors buyers.

From June through early September, the index drifted slowly from about 82 to 80. Then it dropped sharply. It fell to 73.9 by October 9 and to 64.3 by November 9. That's a 16-point slide in roughly two months, and it's the lowest reading in this comparison by a wide margin. A year ago the index sat at 78.1, and two years ago it was 88.8.

In plain terms: sellers are competing for a smaller pool of active buyers, and that gives you room to negotiate.

You have more homes to choose from

There are 30,606 active listings across the Phoenix metro right now. That's about 6% more than this time last year and about 25% more than two years ago.

Supply tells an even clearer story. The market now holds 5.8 months of supply (excluding homes already under contract with backup offers). That's up from 4.6 a month ago, 3.8 in August, and 4.3 a year ago. Simply put, if no new homes were listed, it would take nearly six months to sell everything on the market today.

For you, that means fewer bidding wars, less pressure to decide the same day you tour, and a real chance to compare a few homes before you commit.

You have time, and room to negotiate

Homes that sold recently spent an average of 86 days on market, and active listings have been sitting for an average of 97 days. Two years ago, those numbers were 71 and 82.

Fewer buyers are writing offers, too. About 4,865 homes sold in the past month, roughly 20% fewer than a year ago. Only 61.6% of listings are actually selling (down from 68.2% last year), which means nearly 4 in 10 homes are coming off the market without a buyer.

That gives buyers leverage at the negotiating table. On average, homes are closing at 97.3% of list price. On a home at today's median price of $444,000, that's roughly $12,000 below asking, before any seller concessions.

More than half of sellers are paying toward buyers' costs

This is one of the biggest opportunities for buyers right now. 54% of Phoenix-area closings in November (through November 7) included seller-paid concessions. That share peaked near 59% in August and has stayed above 50% for most of 2026.

For perspective, in spring 2022 only about 12% to 17% of closings included concessions. Asking a seller to contribute is no longer unusual. It's standard practice.

Concessions can be used for things like:

• Closing costs, so you bring less cash to the table
• A mortgage rate buydown, to lower your monthly payment
• Repairs or credits for items found during inspection

Prices are holding steady, not crashing

A buyer's market doesn't mean prices are collapsing. The median sale price is $444,000, just below $450,000 a year ago. Price per square foot on recent sales is $298.84, up about 2% year over year. The leverage is showing up in negotiation and concessions, not in falling values.

One number worth watching: active listings are asking an average of $349 per square foot, while homes are actually selling for about $299. That $50 gap tells you many sellers are still pricing for last year's market. Good pricing data and a strong offer strategy help you avoid overpaying for a home that's priced above what the market will bear.

How to make the most of this market

1. Get pre-approved first. Sellers with homes sitting for 90-plus days take a well-qualified buyer seriously, even if the offer is below asking.
2. Ask about concessions. With more than half of closings including them, asking for help with closing costs or a rate buydown is a normal request.
3. Look at days on market. A home that's been listed for months often has a seller who's more open to negotiating.
4. Don't skip the inspection. You have the time and leverage to do your due diligence and ask for repairs or credits.
5. Lean on local data. Conditions vary by city, neighborhood and price range. A home in Queen Creek can behave very differently from one in central Phoenix, so work with an agent who knows the specific area.
6. Don't wait for the bottom. Prices are steady, not falling sharply. The real advantage today is negotiating power, and that can shift once spring buyers return.

Ready to start your search?

The Home Shop Real Estate is an independent, locally owned brokerage serving the entire Phoenix Valley. Our agents know these neighborhoods and can help you use today's market to your advantage, from finding the right home to negotiating the best terms.

Call or text (480) 381-1636 or visit homeshopaz.com to connect with an agent. Follow along on Instagram at @thehomeshopaz for weekly market updates.

Source: The Cromford Report, ARMLS residential resale data for all areas and types, as of November 9, 2026 (concession data through November 7, 2026). Market conditions change frequently and vary by area and price range.