Phoenix, AZ 85029 Real Estate Market Report

ZIP Code: 85029
Report Date: February 2026
Market Temperature: COLD
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: 85029) reflects a notable cooling trend, with the median sold price recorded at $374,999.5. This represents a significant shift in market dynamics, as the area has experienced a decline in prices year-over-year. The median listing price stands at $394,700, indicating a pricing gap that may suggest seller expectations are not aligning with current buyer sentiment.

Transaction activity appears to be moderating, with median days on market reaching 169, which indicates slower sales velocity and a potential shift in leverage towards buyers. The current market temperature is classified as cold, reflecting elevated inventory levels and a general trend of excess supply relative to sales activity. Despite these challenges, improving interest rates may provide some motivation for renewed buyer interest, although the overall market remains cautious.

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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 Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels 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 85029 area average around 6.06% compared to early 2026 averages near 5.375%, indicating property owners who locked in earlier secured a favorable rate.

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 $374,999.5 indicates a significant pricing gap compared to the median listing price of $394,700, suggesting pricing friction in the market.

2. With median days on market at 169, the market is experiencing slower sales velocity, which may impact buyer engagement and overall market liquidity.

3. The year-over-year trend for prices is down, indicating a continued softening in the market and potential challenges for sellers.

4. Current market conditions are classified as cold, reflecting elevated inventory levels and excess supply relative to sales activity.

5. The median market rent is at $2,716, which has also shown a down trend year-over-year, indicating a soft rental market influenced by increased supply.

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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.