Phoenix, AZ 85021 Real Estate Market Report

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

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Executive Overview

As of February 2026, the Phoenix, AZ market is characterized by a median sold price of $520,000, reflecting a down trend in pricing. This indicates a shift in market dynamics, where buyers may find more favorable conditions due to increased inventory levels and a slower sales velocity. The median days on market stands at 214, suggesting that properties are taking longer to sell, which may indicate a cooling market and a potential adjustment in seller expectations.

The current median listing price is $625,000, creating a notable gap between asking and sold prices that could lead to pricing friction. With a neutral market temperature, the balance between supply and demand appears to be shifting, as elevated inventory levels relative to sales activity suggest a more cautious approach from buyers. Overall, while the local economy remains robust, the real estate market is experiencing significant adjustments that may impact future sales and pricing strategies.

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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 AZ market average around 5.875% to 6.375%, which is notably lower than the 6.87% average seen one year ago.

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 $520,000 indicates a down trend in market value, reflecting buyer leverage.

2. With a median days on market of 214, properties are experiencing slower sales velocity, suggesting a cooling market.

3. The median listing price of $625,000 creates a significant gap compared to the sold price, indicating potential pricing friction.

4. Elevated inventory levels relative to sales activity suggest an excess supply in the market, impacting buyer negotiations.

5. The median market rent of $2,716 is also down, reflecting broader market adjustments and increased multifamily supply.

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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.