Phoenix, AZ 85023 Real Estate Market Report

ZIP Code: 85023
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

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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 Phoenix, AZ, are averaging 6.35%, reflecting the prevailing market environment for property owners in this area as of May 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. median sold price: $410,000 is the best indicator of recent transaction-level value in ZIP 85023; the gap versus the median listing price: $429,900 suggests pricing friction between seller expectations and completed sales, so underwriters and buyers should prioritize comparable solds over asking prices when valuing offers.

2. median days on market: 270 signals slower sales velocity and longer negotiation windows in recent transactions, which may indicate increased due diligence time and a need for pricing clarity rather than immediate demand-driven bidding.

3. Sample-level supply conditions point to a relatively constrained active supply in the analyzed sample, which, combined with a neutral marketTemperature, appears to support steady pricing rather than rapid appreciation or sharp declines.

4. Current 30-year fixed mortgage rates: 6.35% and elevated interestRatePressure create a higher carrying-cost environment for buyers; coupled with a priceYoYTrend that is up and a rentYoYTrend that is down, investors should be selective and stress-test deals against slower rent growth.

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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 85023 Real Estate Market Report

ZIP Code: 85023
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 Phoenix, AZ, are averaging 6.35%, reflecting the prevailing market environment for property owners in this area as of May 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. Median sold price: $279,000 is the primary indicator of recent market value and suggests transaction-level pricing is centered near this level; given the median listing price: $229,500, the current spread between asking and realized prices may indicate pricing friction or selective seller adjustments rather than broad market declines — monitor comparable closed sales to confirm direction. up

2. Median days on market: 332 signals materially slower sales velocity for SFR and condo stock in this ZIP code and may reflect longer negotiation timelines or buyer caution; this slower turnover suggests liquidity is muted and that sellers should plan for extended marketing periods. down

3. Median market rent: $1,450 combined with a rent year-over-year trend of down indicates rental cash flow pressures in the near term; investors should underwrite conservatively and re-check rent comparables before assuming appreciation-driven returns.

4. Market context and financing pressure: market temperature is neutral while interest rate pressure is elevated (current average 30-year fixed around 6.35%), which together suggest a balanced sales environment where pricing gains are possible but financing costs may temper buyer capacity — prioritize price realism and financing contingency planning.

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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.