Phoenix, AZ 85021 Real Estate Market Report

ZIP Code: 85021
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 Phoenix 85021 market are averaging approximately 6.35%, reflecting the broader 2026 interest rate environment.

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 value indicator, the median sold price, is 439,950, which—when considered alongside the higher median listing price of 541,700—may indicate pricing friction between seller expectations and recent transaction levels rather than firm upward momentum.

2. The market shows slower sales velocity with a median days on market of 316, suggesting pace-of-sale risk and that current conditions may favor price negotiation; this appears alongside relatively constrained active supply and overall balanced/neutral market dynamics.

3. Price momentum is soft: the price year-over-year trend is down, while market temperature is described as neutral, indicating a transition from a seller-tilted market toward more balanced conditions and the need for realistic pricing to close transactions; down trends warrant caution on short-term appreciation expectations.

4. Interest rates and rents are headwinds for near-term demand—interest rate pressure is moderate with current 30-year fixed mortgage rates averaging 6.35%, and the rent year-over-year trend is down while median market rent sits at 1,299; these factors may suppress buyer urgency and investor rent-based returns, implying more conservative underwriting and pricing strategies.

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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 85021 Real Estate Market Report

ZIP Code: 85021
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

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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 Phoenix 85021 market are averaging approximately 6.35%, reflecting the broader 2026 interest rate environment.

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 primary indicator of recent transaction activity is the median sold price, at $184,900, which anchors local market value and suggests that closing prices are materially below the median listing price; this gap may indicate pricing friction between seller expectations and realized sales.

2. Liquidity appears slow given the median days on market of 379, which suggests slower sales velocity and that listings may require extended marketing time before achieving a representative recent sale.

3. Market balance is best described as neutral on the market temperature scale, with price momentum indicated as down year-over-year for prices and down year-over-year for rent, implying cautious buyer behavior and modest softening in both sales and rental demand.

4. Interest rate pressure is moderate, with current 30-year fixed mortgage rates averaging approximately 6.35%, which may continue to temper purchase affordability and support the observed moderation in price movement and rental rates.

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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.