Most Phoenix-Area Homes Declined in Value Over the Past Year

Phoenix-Mesa is among the top U.S. metros when it comes to the percentage of homes that declined in value during 2025.

A recent analysis from Zillow showed a notable shift in the Phoenix housing market, with the majority of homes across the metro area experiencing value declines over the past year.

This trend will affect both buyers and sellers in 2026, but in very different ways. It also says a lot about the current state of the housing market.