Yes, no, maybe, depending on what exactly you mean.
A phone that is comparable in specs to a similarly priced Android and runs native Linux without tricks: This is not going to happen ever.
An Android phone that can be hacked into running Linux with tricks: Yeah, that exists, but it’s DIY. There are a lot of cheap phones that you can e.g. install PostmarketOS on.
A phone that runs native Linux without tricks for that price point: Yeah, that’s called a Pinephone, and it’s pretty much that.
There are two main issues, why a Linux phone with good specs and without tricks and with full, real Linux is impossible:
Linux phones got a tiny market share and due to the natural monopoly of operating systems and app stores, that’s not gonna change any time soon.
SoC manufacturers have a different way of working than PC part manufacturers. For example, they won’t upgrade the Linux kernel/drivers necessary. Because of that, my phone (Fairphone 4), which came out in 2021 and runs Android 12 still uses the 4.19.157 kernel, even though 4.19 came out in 2018. And even of the 4.19 version, the newest revision is 228, and I’m still running 157. They didn’t even bother upgrading the revision number. Stuff like that doesn’t fly on decent native Linux. And SoC manufacturers will not support newer kernels if it’s only for <3% of the market share or some miniscule number like that.