Phoenix, AZ 85003 Real Estate Market Report

ZIP Code: 85003
Report Date: March 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

---

Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

---

Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

---

Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

---

Property Taxes

---

Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

---

Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Phoenix AZ 85003 market average around 6.65%, which is higher than the January 2026 average of 5.99% for property owners.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

---

Key Findings

1. The median sold price of $699,999 reflects a decrease of 8% since 2022, indicating a trend of softening prices in the area.

2. With a median days on market of 302, the market is experiencing slower sales velocity, suggesting buyers are taking longer to finalize decisions.

3. The median listing price of $799,949.50 shows a notable gap compared to the sold price, indicating potential pricing friction as sellers adjust to market conditions.

4. Elevated inventory levels suggest excess supply relative to sales activity, which may further contribute to the downward pressure on prices.

5. The median market rent of $2,386 is also down, reflecting a cooling rental market despite strong underlying demand.

---

Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.