If you bought a home in the Phoenix area in the past several years and have not checked your equity position recently, you may be sitting on more wealth than you realize. Despite the market's moderation from its 2022 peak, Phoenix homeowners who purchased before that run-up — or even during it — are generally in a strong equity position heading into fall 2026.
Here is what the numbers actually look like right now, and what your options are.
The Equity Picture in Phoenix Today
According to ATTOM Data Solutions, approximately 43 percent of Phoenix homeowners with a mortgage are considered equity rich — meaning their home is worth at least twice what they owe. Meanwhile, only about 0.95 percent of Phoenix properties are seriously underwater. That is a remarkably healthy equity landscape for a market that experienced the kind of volatility Phoenix did over the past decade.
Median sale prices across Greater Phoenix are currently running in the $444,000 to $465,000 range. If you purchased in 2018 at around $240,000, in 2019 at $260,000, or even in early 2020 before the pandemic surge, your home's current value likely represents a substantial gain in equity even after the post-peak moderation. Buyers who purchased at the 2022 peak may have a flatter equity picture, but the vast majority of Phoenix homeowners are in positive territory.
How Much Equity Do Phoenix Homeowners Have?
The median down payment in Phoenix has climbed to around $61,400 as of the most recent ATTOM data — a figure that reflects both rising prices and the increasing share of buyers bringing significant equity from prior home sales. For existing homeowners, years of mortgage payments combined with appreciation have created a wealth position that many are only beginning to think strategically about.
A simple way to estimate your position: pull your current mortgage balance from your most recent statement, then check recent comparable sales in your immediate neighborhood — not just your zip code, but your street and subdivision. The difference between that current market value and your outstanding balance is your approximate equity. For many Phoenix homeowners who have been in their home five years or more, that number is substantial.
Option One — Sell and Move Up
For homeowners who have been waiting to make a move, the equity in their current home is the most powerful tool available. In today's Phoenix market, a seller with significant equity can cash out at a competitive price, bring a meaningful down payment to the next purchase, and take advantage of the negotiating leverage buyers currently have on resale and new construction alike.
The math works particularly well for move-up buyers targeting the $600,000 to $900,000 range in communities like north Scottsdale, Chandler, or certain Ahwatukee neighborhoods. These price points have seen meaningful correction from peak, while the entry-level and mid-range homes many move-up buyers are leaving have held value relatively well.
Option Two — Tap Your Equity Without Selling
For homeowners who love where they live but want to access some of the wealth they have built, a Home Equity Line of Credit or a home equity loan offers a way to do that without giving up the property or the mortgage rate they are carrying. HELOCs in the current rate environment are worth evaluating carefully with a qualified lender — the terms and rates vary meaningfully between institutions.
Common uses Phoenix homeowners are considering right now include funding a renovation that adds market value before an eventual sale, consolidating higher-interest debt, funding investment opportunities, or covering major life expenses like education or medical costs. The key is matching the use of the equity to a purpose that either preserves or grows your net worth.
Option Three — Hold and Let Appreciation Rebuild
For homeowners who bought near the 2022 peak and feel their equity is thinner than they would like, the outlook is not discouraging. Phoenix's economic fundamentals — continued job growth, sustained net migration, the TSMC and semiconductor manufacturing expansion — support continued long-term appreciation. The market correction that followed the peak was a normalization, not a structural decline. Homeowners with a longer time horizon who do not need to move are in a defensible position.
What You Should Do Right Now
Whether you are thinking about selling, tapping equity, or simply want to understand your financial position, the first step is the same: get a current, accurate assessment of your home's market value from a local agent who knows your specific neighborhood. Website estimates are a starting point, not a final answer — they often lag actual market conditions by months and miss neighborhood-specific nuances that move values significantly.
Your equity is real wealth. Understanding it and having a strategy around it is one of the smartest financial moves a Phoenix homeowner can make heading into fall 2026.
