Phoenix, AZ 85016 Real Estate Market Report

ZIP Code: 85016
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of April 2026, the real estate market in Phoenix, AZ (ZIP: 85016) is characterized by a median sold price of $599,995, reflecting a down trend in home values. This indicates a shift in buyer sentiment and market dynamics, as the neighborhood has decreased 8% since 2022. The market appears to be stabilizing, with median days on market stretching to 236 days, suggesting slower sales velocity and a potential adjustment period for both buyers and sellers.

Current conditions indicate elevated inventory levels, with a notable gap between the median listing price of $749,450 and the median sold price. This disparity may suggest pricing friction as sellers adjust expectations in light of the market's cooling trend. Overall, the market temperature is classified as neutral, indicating a balance between supply and demand, though the current environment leans towards a buyer-friendly atmosphere as the market seeks equilibrium.

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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

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.

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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 are averaging 6.25%, which is 0.75% higher than the early 2026 average of 5.50%.

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 $599,995 indicates a down trend in home values, reflecting broader market adjustments.

2. With median days on market at 236, the market is experiencing slower sales velocity, suggesting a need for sellers to recalibrate expectations.

3. The median listing price of $749,450 presents a significant gap compared to the sold price, indicating potential pricing friction in the market.

4. The market temperature is classified as neutral, suggesting a balance between supply and demand, yet conditions may be shifting towards a buyer-friendly atmosphere.

5. The rental market is also cooling, with a median market rent of $2,510, which may indicate softening demand for rental properties.

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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.