Is Phoenix, AZ 85040 a buyer’s or seller’s market?

The Phoenix housing market right now

In the three months ending August 31, 2026, 22% of homes in Phoenix, AZ 85040 sold above their list price, the typical home went under contract in 44 days and there were 6.9 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 42 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 11%, homes sold faster (55 days then) and the median sale price rose 3% to $369,840. Overall, Phoenix is more competitive than a year ago, so tougher for buyers.

Within Maricopa County, homes here sell faster than in 91% of the county’s ZIP codes, and sell more often over asking than in 93%. On our competition score, Phoenix ranks #50 of 231 AZ ZIP codes with enough sales (score 38 out of 100).

Nearby, buyers who want less competition could look at Wickenburg 85390 (0% sold over asking) or Carefree 85377 (0% sold over asking), while Arlington 85322 (33% sold over asking) and Tolleson 85353 (32% sold over asking) are even more competitive.