Peoria, Arizona Housing Market

How much can you negotiate in Peoria?

Only 44 out of every 100 homes for sale have found a buyer. The other 56 are still waiting. Your offer may be the only one on the table. About 1 in 3 sellers has already dropped their price. Each one has learned their first price was too high. Start below their new price, not their old one.

A typical Peoria home takes 57 days to find a buyer. Half of them take even longer. That is 8% faster than a year ago. Those sellers are paying to own a house they want to sell. Search for homes listed 60+ days ago. There are 752 homes for sale in Peoria. That is 7.2 times the tightest month on record, but below the peak of 857. Supply is shrinking against last year.

What to do about it

• Search Peoria homes listed 60+ days ago that have already cut their price.
• Offer below the reduced price.
• Keep your inspection and financing contingencies.
• Ask the seller to pay closing costs.
• You can lose a few offers here and still win.

Is now a good time to buy in Peoria?

Asking prices are 13.3% below their Oct 2023 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower. Peoria prices have risen in 80 of the last 108 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

There is no rush. Prices are still coming down. Watch the homes you like. Come back after they cut. Let the seller move first.

Who will rent from you in Peoria?

Only 25 out of every 100 Peoria households rent. This is an owners' town. The renter share is shrinking. Five years ago it was 26 in 100. Peoria added about 2,600 renter households in five years. Renter households average 2.5 people. Two and three bedrooms fit the typical renter.

Households grew 24% in five years. The housing stock grew 20%. Demand is outrunning supply. 6.5% of homes sit empty. That is normal for a healthy market.

The median Peoria household earns $103,083 a year. Incomes here have grown 5.5% a year since 2019. Incomes are rising faster than home prices. Affordability is improving. A typical home costs 5.3 times the median income. That is the national middle. Neither cash flow nor appreciation is free here. A tenant on the median income can pay about $2,577 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast.

That is the market, not your address. Run an address through the app to see its rent estimate and cash flow.

What numbers should you underwrite a Peoria deal with?

• Price growth to assume — +2.6%/yr. Peoria grew 6.5% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Peoria grows about 2.6% a year. That is the number to type in. Prices fell 2.5% over the last year. That is a timing signal, not a trend.
• Months of carrying cost — 2. A typical home takes 57 days to sell. Budget that long when you exit or refinance.
• Odds you cut your price to sell — 1 in 3. About 32% of homes on the Peoria market right now have already cut their asking price. Assume you are one of them when you sell. Do not underwrite an exit at your asking price.
• Comp on this, not median price — $261/sqft. The typical Peoria listing shrank from 2,498 to 2,082 sqft since Jul 2016. So median price hides real growth: 88% per sqft versus 58% on the median. Comp on median price and you will overpay for small homes.
• Competition when you exit — -8%. That is how much the number of homes for sale shrank in a year. Your resale will face a smaller crowd than today's comps did.
• Price-to-income ratio — 5.3×. A typical home costs 5.3 times the median income. That is the national middle. Neither cash flow nor appreciation is free here. Incomes are rising faster than home prices. Affordability is improving.
• Tenant rent ceiling — $2,577/mo. 30% of the median household income of $103,083. Rents above this line shrink your tenant pool fast.

Is Peoria a buyer's or seller's market in 2026?

Yes, if you negotiate. Buyers have the upper hand in Peoria right now. 44 out of every 100 homes for sale have a buyer, 32% of sellers have cut their price, and a typical home takes 57 days to sell.

Are Peoria home prices going up or down?

Asking prices are 13.3% below their Oct 2023 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.

What price growth should I assume for Peoria?

Assume +2.6% a year. Peoria grew 6.5% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Peoria grows about 2.6% a year. That is the number to type in. Prices fell 2.5% over the last year. That is a timing signal, not a trend.

How fast are homes selling in Peoria?

A typical Peoria home takes 57 days to find a buyer. Half of them take even longer. That is 8% faster than a year ago. Those sellers are paying to own a house they want to sell. Search for homes listed 60+ days ago.

Is Peoria a renters' market or an owners' market?

Only 25 out of every 100 Peoria households rent. This is an owners' town. The renter share is shrinking. Five years ago it was 26 in 100. 6.5% of homes sit empty. That is normal for a healthy market.

What rent can Peoria tenants afford?

A tenant on the median income can pay about $2,577 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast. The median Peoria household earns $103,083 a year.