Phoenix, AZ 85028 Real Estate Market Report

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

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Executive Overview

As of April 2026, the real estate market in Phoenix, AZ (ZIP: 85028) is characterized by a median sold price of $747,000, reflecting a stable market environment. The neighborhood has increased 8% since 2022, indicating a positive trend in property values. Despite this upward movement in sold prices, the market is experiencing longer selling times, with properties averaging 239 days on market, suggesting a shift towards a more balanced market where buyers may have increased negotiation power.

Inventory levels are elevated, with conditions indicating excess supply relative to sales activity. This dynamic, combined with a median listing price of $652,500, suggests that while sellers are still achieving favorable prices, the gap between listing and sold prices may create pricing friction. The rental market remains robust, with a median market rent of $3,250, indicating strong demand and continued population growth in the area.

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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. The median sold price of $747,000 reflects a stable market with an 8% increase since 2022, indicating ongoing value appreciation.

2. Properties are taking longer to sell, with a median days on market of 239, suggesting a slower sales velocity and potential for negotiation.

3. The median listing price of $652,500 indicates a significant gap compared to sold prices, which may create pricing friction for sellers.

4. The rental market remains strong with a median market rent of $3,250, supporting ongoing demand in the area.

5. Market conditions are characterized by neutral temperature, suggesting a balanced environment for both buyers and sellers.

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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.