Phoenix, AZ 85023 Real Estate Market Report

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

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Executive Overview

As of February 2026, the Phoenix real estate market, particularly in the 85023 area, is characterized by a median sold price of $425,000, reflecting a cautious sentiment among buyers. The market has experienced a down trend in prices, indicating a decreased interest in purchasing amidst rising inventory levels. The median days on market stands at 207, suggesting slower sales velocity and a potential shift towards buyer preferences as they await more favorable pricing conditions.

The current market conditions reveal elevated inventory levels, which may indicate excess supply relative to the moderate transaction volume observed. While the median listing price is $454,000, the significant gap between this and the sold price suggests that sellers may need to adjust their expectations to align with buyer sentiment. Overall, the market appears to be cold, with a down trend in both sold prices and rental rates, reflecting a broader softening in demand.

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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 Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Phoenix AZ average around 5.875% to 6.6%, which is notably lower than the 6.65% average rate observed for 2026 originations in the area.

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 $425,000 indicates a shift in buyer sentiment as prices have trended down recently.

2. With a median days on market of 207, the market is experiencing slower sales velocity, suggesting buyers are taking more time to make purchasing decisions.

3. The median listing price of $454,000 shows a notable gap compared to the sold price, indicating potential pricing friction for sellers.

4. Rental markets are also softening, with a median market rent of $2,386, reflecting a down trend year-over-year.

5. The market temperature is currently cold, suggesting a cautious approach from buyers amidst elevated inventory levels.

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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.