Phoenix, AZ 85024 Real Estate Market Report

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

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.

Market Trends & Context

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

Key Findings

1. The primary market indicator, the median sold price, is 733,000, which anchors recent transaction value and should be the reference point for pricing and valuation decisions; the median listing price of 498,944 sits below this representative recent sale, suggesting a meaningful gap between asking and completed transaction values in the sample (contextual pricing divergence).
2. Liquidity is subdued: the median days on market is 424, which points to slower sales velocity and pricing friction, and the sample shows elevated inventory relative to sales activity that may give buyers more negotiation room.
3. The broader price momentum signal is negative: the price year-over-year trend is down, indicating recent softening in transaction-level pricing (down), while the market temperature remains neutral, suggesting a balanced but cautious environment rather than a one-sided market.
4. Financial and rental context is mixed: interest rate pressure is elevated, which may constrain refinancing and buyer affordability, and rent year-over-year trend is down; the median market rent is 1,775, which alongside softer rents signals moderated rental demand and new supply impacts.

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.