Phoenix, AZ multifamily market
The Greater Phoenix multifamily market is in a late-cycle correction following a historic supply surge, but absorption has strengthened meaningfully in 2026. Average price per unit has declined to roughly $222,000 across the metro, though newer Class A properties in premier locations continue to trade at $290,000 to $340,000 per unit. Transaction volume is up year-over-year as investor confidence returns, led by institutional buyers targeting newly delivered and stabilized Class A assets, while Class B and C trades have also accelerated significantly.
What's driving Multifamily prices in Phoenix
Multifamily sale prices in Greater Phoenix declined roughly 12% year-over-year on a per-unit basis through Q1 2026, though newly delivered Class A assets in supply-constrained submarkets bucked the trend and traded at firm or slightly improving valuations.
- Record-high net absorption in Q1 2026 outpacing deliveries for first time since 2021, tightening effective vacancy
- Construction pipeline down 30% year-over-year reducing future supply pressure and supporting price floors
- Widespread concessions (6-8 weeks free rent) eroding Class A NOI and keeping going-in cap rates elevated
- Investor broadening to Class B and C vintages driving 50-70% more trades in those categories versus 2024
Market intelligence
Tracking this market · 5 comps · 12-month median $339/SF · latest deal Jun 2026.
This quarter: 0 comps added to our corpus in Q3 2026. Trend medians use closed-deal dates from our growing comp corpus; automated estimates, not an appraisal.
Where these comps are
Momentum ContractingPins are geocoded from each comp's public address, so positions are approximate. Comps quoted at the submarket level aren't pinned. The shaded area is Phoenix's municipal boundary, coloured to match the momentum read above.
Recent Multifamily comps in Phoenix, AZ
| Address | Date | Type | Size (SF) | Price / Rate | $/SF |
|---|---|---|---|---|---|
| 901 E. Van Buren St, Phoenix, AZ 85006 (Camden Copper Square) listing | Nov 2025 | Sale | 282200 | $77,000,000 | $273 |
| 1720 E. Camelback Rd, Phoenix, AZ 85016 (Echo Biltmore / Alta Biltmore) news | Oct 2025 | Sale | 193500 | $71,300,000 | $368 |
| 24100 N. 19th Ave, Phoenix, AZ 85085 (Spire Deer Valley) news | Jan 2025 | Sale | 375300 | $141,000,000 | $376 |
| 80 N. McQueen Rd, Gilbert, AZ 85233 (Alta Rise) news | Jun 2026 | Sale | 241026 | $81,600,000 | $339 |
| 2950 N. Recker Rd, Mesa, AZ 85215 (Ascend at Longbow Highpoint) news | May 2026 | Sale | 322050 | $95,250,000 | $296 |
| Median of 5 recent sales · $339/SF | $339 | ||||
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Figures are automated estimates derived from public listings, records, and brokerage announcements for Phoenix, AZ, not an appraisal or a broker opinion of value. Verify independently before relying on them. CompNinja connects owners with licensed local brokers; it is not a brokerage.