Phoenix, AZ 85024 Real Estate Market Report

ZIP Code: 85024
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 (ZIP: 85024) is $480,000, reflecting a market that has decreased 8% since 2022. This decline indicates a softening in property values, which may be attributed to elevated inventory levels and a neutral market temperature. The current market conditions suggest a shift towards a more buyer-friendly environment, as buyers are presented with more options and potentially better negotiating power due to increased supply.

Transaction activity appears moderate, with properties spending an average of 279 days on the market. This extended duration may indicate slower sales velocity, suggesting that while there are opportunities for buyers, sellers may need to adjust their expectations to align with current market realities. The rental market is also experiencing a cooling trend, with median market rent at $2,840, indicating stable demand but declining rental prices. Overall, the market is characterized by a balance of supply and demand, but with signs of caution as prices and rents trend downward.

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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 6.38% to 6.49%, which is approximately 0.88% higher than the average rates of 5.50% seen in early 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. The median sold price of $480,000 indicates a decrease in property values, suggesting potential pricing friction for sellers.

2. With 279 days on market, properties are experiencing slower sales velocity, which may impact buyer urgency and seller strategies.

3. The median listing price of $557,000 reflects a significant gap compared to sold prices, indicating pricing friction in the market.

4. Elevated inventory levels suggest excess supply relative to sales activity, providing buyers with more choices and negotiating power.

5. The rental market is stable with a median market rent of $2,840, but the downward trend in rents may signal caution for landlords.

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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.