Phoenix, AZ 85021 Real Estate Market Report

ZIP Code: 85021
Report Date: March 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

---

Executive Overview

The median sold price in Phoenix, AZ (ZIP: 85021) stands at $477,400, reflecting a stable market condition with a flat price year-over-year trend. This indicates that while prices have not significantly changed, the market remains active with a notable volume of transactions. The current market dynamics suggest a shift towards normalization, characterized by longer median days on market at 288 days, which may indicate a slower sales velocity and greater buyer negotiation flexibility.

Inventory levels appear elevated relative to sales activity, contributing to a more balanced market environment. The median listing price is recorded at $538,500, which creates a pricing gap that may lead to increased negotiation opportunities for buyers. With rental rates softening to a median of $2,386, the overall market conditions suggest that buyers are facing elevated interest rate pressure, currently around 6.4% for 30-year fixed mortgages, which may further influence purchasing decisions and affordability.

---

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

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.

---

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

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 Phoenix market around 6.4% are notably higher than the 5.99% average seen for originations in early 2026.

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

---

Key Findings

1. The median sold price of $477,400 indicates a stable market with no significant price fluctuations year-over-year, suggesting flat pricing conditions.

2. With 288 days on market, the extended time frames for sales may reflect slower sales velocity and greater buyer negotiation power.

3. The median listing price of $538,500 compared to the sold price suggests potential pricing friction in the market, indicating sellers may need to adjust expectations.

4. Elevated inventory levels relative to sales activity suggest a market that is neutral, allowing for balanced negotiations between buyers and sellers.

5. Rental rates are trending down with a median of $2,386, indicating a softening rental market that may affect overall buyer sentiment.

---

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.