Phoenix, AZ 85028 Real Estate Market Report

ZIP Code: 85028
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. The neighborhood’s primary market value is the median sold price 722,450, which exceeds the median listing price 650,000 and may indicate sellers are achieving transaction prices above current asking levels; priceYoYTrend is up, suggesting mild appreciation in realized sale prices.

2. The market shows slower sales velocity: the median days on market 259 points to extended listing periods and suggests a need for realistic pricing or targeted marketing to accelerate transactions; the broader marketTemperature is neutral, implying balanced negotiation leverage between buyers and sellers.

3. Sample-level supply appears as a relatively constrained active supply versus recent closings, which, combined with the median sold price prominence, suggests representative recent sale pricing is a useful guide for valuation rather than listing price signals; expect moderate transaction volume and some pricing friction in move-in-ready segments.

4. Rental conditions are softening: the median market rent 2,900 accompanies a rentYoYTrend that is down, while interestRatePressure is moderate, indicating financing costs remain a caution for some buyers and investors—prioritize deals with clear cashflow or strong appreciation prospects.

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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 85028 Real Estate Market Report

ZIP Code: 85028
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. $357,500 median sold price is the primary indicator of recent transaction value in the ZIP and points to stable-to-slightly appreciating pricing when combined with an observed up price year-over-year trend; use recent closed sales as the reference for valuations rather than asking prices.

2. The gap between the $389,900 median listing price and the $357,500 median sold price suggests pricing friction where seller expectations are above realized transaction values, which may present negotiation opportunities for buyers and suggests caution for sellers when setting initial ask.

3. A 342 median days on market signals materially slower sales velocity relative to typical turnover cycles and, when paired with a neutral market temperature, appears to indicate balanced liquidity with more time required to transact—price adjustments or concessions may be needed to accelerate deals.

4. Rents and financing context: the $2,900 median market rent is trending down year-over-year while interest rate pressure is moderate, which may temper investor demand near-term; consider focusing on longer-hold fundamentals and conservative underwriting until rent trends stabilize.

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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.