Phoenix, AZ 85024 Real Estate Market Report

ZIP Code: 85024
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of February 2026, the real estate market in Phoenix, AZ (ZIP: 85024) is characterized by a median sold price of $480,000, reflecting a cautious market sentiment despite a notable median listing price of $557,999. This indicates a significant pricing gap that may suggest sellers are optimistic compared to actual transaction values. The market appears to be in a normalization phase, with median days on market at 223, indicating slower sales velocity and a shift towards a more balanced market environment.

The current market conditions are marked by elevated inventory levels, with excess supply relative to sales activity. This trend is further compounded by a neutral market temperature and moderate interest rate pressure, which may be influencing buyer behavior. Additionally, the decline in rental rates suggests an increase in supply that could impact future market dynamics, as demand remains healthy but is tempered by the availability of new rental units.

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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 the Phoenix AZ market average around 5.88% compared to 6.67% (estimated average of 6.87% from a year ago minus the 0.20% drop mentioned in one source for a similar period in 2025/2026 context, using 6.87% from 1 year ago as a proxy for 2025 origination context).

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 significant gap from the median listing price of $557,999, suggesting potential pricing friction in the market.

2. With median days on market at 223, the market is experiencing slower sales velocity, indicating a shift towards a more balanced market.

3. Elevated inventory levels are present, reflecting excess supply relative to sales activity, which may impact future pricing strategies.

4. The median market rent of $2,840 is currently facing downward pressure, indicating a potential shift in rental demand dynamics.

5. Market temperature remains neutral, suggesting a balanced environment where neither buyers nor sellers have a distinct advantage.

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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.