Market Snapshot
- Median listing price
- $422K
- Median rent
- $1,399/mo
- Days on market
- 297 days
- Gross rental yield
- 3.98%
- STR vs LTR
- $1,950/mo STR · $1,399/mo LTR
The median listing price in Phoenix, AZ ZIP 85023 is $421,950 as of June 2026.
The median market rent in Phoenix, AZ ZIP 85023 is $1,399/month as of June 2026.
The median days on market in Phoenix, AZ ZIP 85023 is 297 days as of June 2026. The market is currently neutral.
At a median list price of $421,950 and a median rent of $1,399/month, the gross rental yield in Phoenix, AZ ZIP 85023 is 3.98% as of June 2026.
In Phoenix, AZ ZIP 85023, median Airbnb revenue is $1,950/month compared to median long-term rent of $1,399/month as of June 2026.
Phoenix, AZ 85023 Real Estate Market Report
ZIP Code: 85023
Report Date: June 2026
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.
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
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
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 85023 area are averaging 6.63%, reflecting a stable market environment for property owners compared to recent 2026 benchmarks.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
- The median sold price is 412,000, which should be treated as the primary indicator of market value for recent transactions in ZIP 85023; use sold prices over listing prices for valuation when reconciling asking vs. realized values.
- The market shows a modest pricing gap with a median listing price of 421,950 above the median sold price, which suggests seller expectations remain elevated relative to recent transaction prices and may indicate negotiation room for buyers.
- Liquidity appears slow: a median days on market of 297 points to elongated selling timelines, which may indicate pricing friction and slower sales velocity even though the market temperature reads neutral.
- Macro and rental context: interest rate pressure is reported as elevated with local 30-year fixed mortgage rates averaging 6.63%, while rent trends show a down trajectory and the market temperature is neutral; elevated interest rates combined with falling rents may constrain investor appetite and support cautious pricing strategies.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold at market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.53% rate, 0.4% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 6/1/2026
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