If you bought a home before the pandemic hit, you probably have spent the last several years tracking your home value with varying levels of glee. After COVID-19 hit, housing prices seemed to go only up, up, up. And that meant tens of thousands of dollars in potential profit — if you could afford to buy a new home after selling your current one.
Though it was great for sellers (and absolutely brutal for buyers), the housing market has come back to earth since then. Now, according to a report from Zillow, the vast majority of homes in the Phoenix metropolitan area actually lost value over the last year. Specifically, 86.9% of homes in the Phoenix area have decreased in value from November 2024 to October 2025. That’s fourth-most of any major metro area in the country, just ahead of Dallas (86.7%) and behind Denver (91%), Austin (89%) and Sacramento (88%).
Nationally, 53% of homes have lost value in the past year, the most since the housing market bottomed out after the recession more than a decade ago. The South and West have been hit particularly hard, Zillow’s report showed. In Arizona, the only communities tracked by Zillow that didn’t see the majority of homes lose value were Nogales (43.9%) and Safford (36%)…