Phoenix, AZ 85016 Real Estate Market Report

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

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

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

Key Findings

1. The primary indicator of recent market value is the median sold price of 457,500, which represents the representative recent sale level for SFR and condominium properties in ZIP 85016 and suggests realized transaction pricing amid current market conditions.
2. There is a meaningful gap between the median listing price of 649,500 and the median sold price of 457,500, which may indicate pricing friction and seller expectations that exceed recent transaction levels.
3. Market velocity is slower as reflected by the median days on market of 351, which suggests prolonged marketing times and moderate transaction volume despite the market temperature being reported as neutral.
4. Macro and cost-of-capital signals are headwinds: interest rate pressure is elevated and local 30-year fixed mortgage rates are averaging approximately 6.63%, while rent trends are soft with rent year-over-year trend reported as down, indicating softening rental momentum that may weigh on investor 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.