Phoenix, AZ 85008 Real Estate Market Report

ZIP Code: 85008
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of February 2026, the real estate market in Phoenix, AZ (ZIP: 85008) reflects a significant adjustment in pricing dynamics, with the median sold price recorded at $400,000. This marks a notable shift as the area has experienced a down trend in prices year-over-year, indicating a potential softening in market conditions. The median listing price stands at $579,250, suggesting a substantial gap between seller expectations and actual transaction values, which may be contributing to slower sales activity and increased buyer negotiating power.

The market is characterized by elevated inventory levels, with a median days on market of 257, indicating a slower sales velocity. This extended time frame for properties on the market suggests that buyers are exercising caution amidst elevated interest rate pressure, currently at 5.88%, which is 0.25% higher than the previous week. Despite these challenges, underlying economic fundamentals remain positive, supported by job growth, although the pace of population inflow appears to be moderating, contributing to a more balanced market environment.

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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.

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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.

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Rental Market

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Property Taxes

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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.

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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 Phoenix AZ at 5.88% are 0.25% higher than the 5.625% rates seen just a week ago, indicating a slight upward market pressure.

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

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Key Findings

1. The median sold price of $400,000 indicates a significant gap compared to the median listing price of $579,250, suggesting pricing friction in the market.

2. With a median days on market of 257, properties are experiencing slower sales velocity, reflecting a shift in buyer sentiment and market dynamics.

3. The year-over-year trend shows prices are down, indicating a potential cooling in buyer demand and market activity.

4. Elevated interest rate pressure at 5.88% is contributing to increased buyer negotiating power and may be impacting overall transaction volume.

5. The median market rent of $2,386 remains stable, yet the year-over-year trend is also down, suggesting caution in rental demand.

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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.