Phoenix, AZ 85028 Real Estate Market Report

ZIP Code: 85028
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The Phoenix housing market in the 85028 area is currently characterized by a median sold price of $750,000, reflecting a significant adjustment as the market resets from previous highs. This shift indicates a decrease in overall market activity, as evidenced by the median days on market extending to 185 days, suggesting slower sales velocity and a more selective buyer environment. The median listing price stands at $709,000, which may indicate some pricing friction as sellers adjust expectations to align with the current market dynamics.

With inventory levels showing signs of elevated supply relative to sales activity, the market appears to be balancing out, though it remains under pressure from moderate interest rate pressure. The overall market temperature is assessed as neutral, indicating a stable yet cautious approach from buyers and sellers alike. As the rental market experiences a down trend, driven by increased construction, the overall demand for housing remains solid, but the dynamics are shifting towards a more balanced environment favoring selective buyers.

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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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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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Phoenix, AZ, around 6.01% are slightly higher than the recent average of 5.875% seen earlier in February 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 $750,000 suggests a market adjusting from previous highs, indicating potential pricing friction.

2. With a median days on market of 185, the market is experiencing slower sales velocity, reflecting a more cautious buyer approach.

3. The median listing price of $709,000 indicates that sellers may need to recalibrate expectations to align with market realities.

4. Inventory levels are showing elevated supply relative to sales activity, suggesting a more balanced market environment.

5. The rental market is experiencing a down trend, influenced by increased new construction, despite solid underlying tenant demand.

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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.