Phoenix, AZ 85023 Real Estate Market Report

ZIP Code: 85023
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Phoenix, AZ (85023) is currently $425,000, reflecting a slight decline in market value. This downturn aligns with a broader trend, as the market has experienced a decrease of 8% since 2022. The current market conditions indicate a shift towards a more balanced environment, characterized by elevated inventory levels and longer median days on market, which stand at 267 days. This extended time frame suggests a slower sales velocity, potentially impacting buyer sentiment and pricing strategies.

Despite the cooling home prices, demand for rental properties remains robust, although the median market rent has also seen a decrease to $2,386. The local economy continues to show positive growth, which may support long-term housing demand. However, the elevated interest rate pressure could further influence buyer activity and market dynamics in the coming months.

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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.

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Key Findings

1. The median sold price of $425,000 indicates a declining trend in home values.

2. With a median days on market of 267, properties are experiencing slower sales velocity compared to previous periods.

3. The median market rent has decreased to $2,386, reflecting downward pressure on rental prices due to increased supply.

4. The market temperature is currently neutral, suggesting a balanced environment with no significant buyer or seller advantage.

5. Overall, the elevated inventory levels suggest excess supply relative to sales activity, which may lead to further pricing adjustments.

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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.