Phoenix, AZ 85024 Real Estate Market Report

ZIP Code: 85024
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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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

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.

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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.

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Key Findings

1. 459,500 is the median sold price and serves as the primary indicator of market value and recent transaction activity in 85024; this suggests the representative recent sale level is notably below asking levels, as reflected by the 579,000 median listing price, which may indicate pricing friction between seller expectations and closed transactions. neutral market temperature

2. The market shows slower sales velocity with a 312 median days on market, which appears consistent with a more deliberate transaction pace and balanced liquidity conditions rather than rapid turnover.

3. Price direction is supported by a year-over-year trend of up for prices while rents are down, implying capital appreciation signals remain present but rental income growth is softening; combined with elevated interest rate pressure, financing dynamics may constrain some buyer activity.

4. Supply in the analyzed sample appears to reflect relatively constrained active supply versus historical sales throughput, which may sustain price resiliency around the 459,500 median sold price even as listing-level asking behavior remains higher; sellers should calibrate expectations accordingly and buyers can expect some room for negotiation.

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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.

Phoenix, AZ 85024 Real Estate Market Report

ZIP Code: 85024
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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. median sold price 335,000 is the primary indicator of market value and recent transactions in 85024, with the median listing price 339,990 suggesting seller expectations are slightly above realized sale levels; this spread may indicate moderate pricing friction between asking and sale prices.

2. median sold price 335,000 combined with a median days on market 338 points to slower sales velocity and extended negotiation windows, which may increase buyer leverage and suggests neutral to cautious liquidity rather than rapid turnover.

3. median sold price 335,000 alongside a median price per square foot 270 and a reported up price year-over-year trend implies price resilience in transactions, supporting cautious confidence for sellers targeting comparable per‑square‑foot levels.

4. median sold price 335,000 should be considered in the context of softer rental conditions—median market rent 1,795 with a down rent year-over-year trend—and elevated interest rate pressure (elevated), which may constrain buyer affordability and cap near-term upside despite a neutral market temperature.

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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.