Phoenix, AZ 85023 Real Estate Market Report

ZIP Code: 85023
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 real estate market in Phoenix, AZ (ZIP: 85023) is characterized by a median sold price of $427,000, reflecting a market that has experienced a slight price softening. This indicates a potential shift in buyer sentiment, as the market has seen a down trend year-over-year. The median days on market stands at 200, suggesting a slower sales velocity and a potential buildup of inventory. This extended time on the market may be indicative of elevated inventory levels relative to sales activity, which could further influence buyer negotiations and pricing expectations.

The current median listing price is $440,000, creating a notable gap between asking and sold prices. This discrepancy may reflect seller expectations that are not aligning with current market realities, contributing to a more cautious approach from buyers amid elevated interest rate pressures. The overall market temperature is assessed as neutral, indicating a balance between supply and demand but with potential caution due to the prevailing economic conditions.

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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

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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 market average around 5.88% to 6.6%, which is slightly higher than the 5.625% to 5.875% range seen in early February 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 median sold price of $427,000 indicates a market that has experienced a slight price softening, suggesting down trends in buyer sentiment.

2. With a median days on market of 200, the market is experiencing slower sales velocity, which may indicate elevated inventory levels relative to sales activity.

3. The median listing price of $440,000 creates a significant gap compared to the sold price, suggesting potential pricing friction and seller expectations not aligning with market realities.

4. The median market rent is $2,386, but the rental market is under pressure from significant new supply, leading to a down trend in rents despite solid demand.

5. Current interest rates are elevated, with 30-year fixed mortgage rates averaging between 5.88% to 6.6%, which may contribute to buyer caution and elevated interest rate pressure.

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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.