East Valley Market Update May, 2026
The easiest way to understand the East Valley market right now is this: prices are not collapsing, but buyers are not blindly chasing listings either. The market is holding up, but sellers still need to price carefully.
This report looks at homes priced up to $600,000 in Tempe, Mesa, Chandler, Gilbert and Queen Creek. In May, there were 713 closed sales, up almost 14% from last year, which tells us buyers are still active and homes are still selling. This is not a dead market, but it is a more selective one.
Buyers are comparing homes closely. They are looking at condition, location, payment and value before making a decision. A home that is priced well can still get strong interest, but a home that is priced too high may sit, even in a market where demand is still there.
Inventory is tighter than it was a year ago. Active listings were down about 12%, while pending listings were up about 14%. That means there were fewer homes available, but more homes going under contract. That is good news for sellers, but it is not a blank check.
The price numbers point to stability, not collapse. The median sales price in May was $475,000, the same as it was a year ago. The average sales price was $466,936, down less than 1% from last year. In other words, the market is holding up, but buyers are still expecting the price to make sense.
Homes are also selling a little faster than they were last year. The median days on market was 44 days, down from 48 days last May, and the average was 62 days, also slightly lower than last year. That does not mean every home sells quickly, but it does show that well-positioned homes are still moving.
For sellers, the takeaway is straightforward: the East Valley market under $600,000 is still active, but pricing needs to be right from the start. For buyers, there may be room to compare homes and negotiate, but the better-priced homes are still getting attention.
The bottom line: this is a steady market, not a crashing one. Buyers are active, but selective. Sellers still have opportunity, but pricing matters.
Data source: ARMLS, May 2026 monthly statistics, published June 4, 2026. Report area includes Tempe, Mesa, Chandler, Gilbert and Queen Creek, homes priced up to $600,000. Listing data coverage may vary by area. ARMLS® Copyright 2026.