Updated July 22, 2026. Phoenix was one of the defining boom-and-cool markets of the pandemic housing cycle. Zillow’s typical home value peaked near $501,854 in July 2022. In June 2026, it was about $447,054 — still 10.9% below peak, or roughly $55,000 lower on the typical home.
Arizona as a whole is still about 9.4% below its July 2022 high — second only to D.C. among states with a clear gap. See states still below peak and the national metro list: 25 metros still below peak.
Phoenix home prices vs peak
| Measure | Value |
|---|---|
| Phoenix peak (ZHVI) | $501,854 — July 2022 |
| Phoenix latest | $447,054 — June 2026 |
| Change from peak | −10.9% (−$54,800) |
| Arizona statewide from peak | −9.4% (July 2022 → June 2026) |
| Tucson from peak | about −4.4% |
Compare Phoenix with every metro on Home Prices by Metro. State map: Home Prices by State.
Why Phoenix still matters for “stuck buyer” searches
Phoenix combines three things people actually search for:
- A famous 2020–2022 surge (migration + investor demand).
- A clear mid-2022 peak when mortgage rates jumped.
- A June 2026 reading that still has not fully recovered that high.
That is different from saying “Phoenix is cheap.” Absolute prices remain high versus 2019. The SEO question is usually: Did we get our equity back to the top? For the typical home, not yet.
Phoenix vs other Sun Belt corrections
- Austin: much deeper gap (−26.6%) — Austin home prices 2026
- Cape Coral / North Port: deeper than Phoenix — Florida below peak
- Dallas / Denver / Sacramento: similar mid-single to high-single-digit gaps
For the broader “am I stuck?” framing, read Are home prices still below peak in 2026?
Buying or selling in Phoenix in 2026
- Peak-era sellers: Anchoring to summer 2022 comps is outdated. Use current ZHVI and recent closed sales.
- Buyers: You are not buying the 2022 top — but you are also not buying 2019 Phoenix. Run payments on the affordability calculator.
- Rent vs buy: Arizona often looks different from coastal states on price-to-rent. Check Rent vs Buy by State and Rent by State.
FAQ: Phoenix home prices 2026
Are Phoenix home prices falling?
Relative to the July 2022 peak, yes — June 2026 is still about 11% lower on the typical Zillow value.
Is Arizona’s housing market crashing?
“Crash” overstates it. Arizona is still far above 2019 levels, but it has not regained the 2022 statewide peak.
Is Tucson the same story?
Tucson’s gap from peak is milder (about −4.4%) than Phoenix’s.
Where does Phoenix rank nationally?
Among the 100 largest metros still meaningfully below peak, Phoenix ranks near the top of the list (around −11%). See the full metro ranking.
Method
Zillow Home Value Index (ZHVI), all homes, middle tier, seasonally adjusted. Peak = highest monthly reading from January 2021 through June 2026. Current = June 2026. Updated July 22, 2026.
Related: Home Price Index, states below peak, rent vs buy.