Denver, CO vs Phoenix, AZ

Denver sits at an interesting inflection point in 2026. After years of being one of the hottest housing markets in the country — driven by the tech sector, outdoor lifestyle appeal, and in-migration from both coasts — the market has cooled considerably. Median home prices have pulled back from their 2022 peak of around $600,000 to roughly $520,000–$550,000, and days on market have extended. For buyers who sat out the frenzy, this is the window they were waiting for. Whether it's the right time to act depends on your specific situation.

Phoenix is one of the most debated housing markets in the country right now, and for good reason. The metro saw some of the most extreme price appreciation during 2020–2022 — median home prices nearly doubled in under three years — followed by a correction that left many buyers who purchased at peak still underwater. That history matters when you're deciding whether to rent or buy today, because it speaks directly to the risk profile of ownership in a market this volatile.