Phoenix, AZ 85009 Real Estate Market Report

ZIP Code: 85009
Report Date: March 2026
Market Temperature: COLD
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Phoenix, AZ (ZIP: 85009) is currently $295,000, reflecting a cooling trend in the market. This represents a decrease in market value, consistent with broader trends observed in the area. The market is characterized by 313 days on the market for properties, indicating a slower sales velocity and potentially a shift in buyer sentiment. Elevated inventory levels suggest that sellers may need to adjust expectations to align with current buyer demand, which appears to be moderating.

Overall, the market temperature is classified as cold, with increased inventory and longer days on market suggesting a modest shift toward buyer advantages. The rental market is also experiencing downward pressure, with a median market rent of $2,716, reflecting a similar trend of stabilization and mild depreciation across the rental landscape. This environment may lead to increased opportunities for buyers and renters alike as the market adjusts to these new dynamics.

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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

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Market Trends & Context

Understanding Market Temperature

A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Phoenix, AZ, around 6.38% are 0.27% lower than the 6.65% average seen one year ago in March 2025.

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 $295,000 indicates a decrease in property values, suggesting potential pricing friction for sellers.

2. With 313 days on market, properties are experiencing slower sales velocity, which may indicate a need for sellers to reassess pricing strategies.

3. Elevated inventory levels relative to sales activity suggest an environment of excess supply, potentially leading to further price adjustments.

4. The rental market is also under pressure, with a median market rent of $2,716, reflecting a down trend year-over-year.

5. Current mortgage rates at 6.38% are lower than the previous year's average, which may provide some relief for buyers despite overall market cooling.

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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.