Phoenix, AZ 85016 Real Estate Market Report

ZIP Code: 85016
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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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 the 85016 area of Phoenix average 6.35%, reflecting the broader market trend where rates have fluctuated between 6.08% and 6.40% throughout early 2026.

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 neighborhood's primary indicator, the median sold price, is 599,900, and the meaningful spread versus the median listing price of 734,950 may indicate pricing friction or seller optimism that could create negotiation opportunities for informed buyers.

2. The market shows extended selling times with a median days on market of 276, which suggests slower sales velocity and may require sellers to set more competitive terms or buyers to allow for longer decision windows.

3. Valuation context is concentrated at 371 dollars per square foot while the median market rent is 1,550, and with rent year-over-year trend reported as down, investors should note softer rental demand when modeling cash-flow scenarios.

4. Market dynamics are broadly neutral—price year-over-year trend is flat and market temperature is neutral—while interest rate pressure is described as moderate and 30-year fixed rates average 6.35%, so buyers and investors should plan for moderate financing headwinds and favor deals with clear upside or pricing flexibility.

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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.

Phoenix, AZ 85016 Real Estate Market Report

ZIP Code: 85016
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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

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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 the 85016 area of Phoenix average 6.35%, reflecting the broader market trend where rates have fluctuated between 6.08% and 6.40% throughout early 2026.

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 neighborhood’s primary market signal is a median sold price of 375,500, which indicates current transaction-level value and suggests stability given the flat year-over-year price trend.

2. Despite asking levels near a median listing price of 369,999, the longer selling horizon reflected by median days on market of 410 suggests pricing friction and slower sales velocity rather than rapid turnover.

3. Unit-level income context shows a median market rent of 1,650 paired with a median price per square foot of 296, which together suggest modest rental support but down rent momentum year-over-year.

4. Financing and broader market context show moderate interest rate pressure with prevailing local 30-year fixed mortgage rates averaging 6.35%, which may continue to temper buyer urgency and sustain a neutral market temperature.

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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.