Phoenix, AZ 85029 Real Estate Market Report
ZIP Code: 85029
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.
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.
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.
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.
Property Taxes
Liquidity & Velocity
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 the 85029 area are averaging 6.35%, reflecting a stable market environment for property owners compared to earlier 2026 benchmarks.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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The 365,000 median sold price is the primary indicator of market value and recent transaction activity in 85029, signaling realized pricing that aligns with a broader up price year-over-year trend.
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The 234 median days on market suggests slower sales velocity and longer listing lifecycles, which, combined with a neutral market temperature, appears to support a balanced market rather than a heated one.
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The 362,225 median listing price sits close to the median sold price, which may indicate limited pricing friction and that seller expectations are largely in line with recent transaction prices; consider marketing adjustments only if properties remain on market beyond typical 234-day windows.
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The 1,240 median market rent is accompanied by a down rent year-over-year trend, and moderate interest rate pressure with current 30-year fixed mortgage rates averaging 6.35% may temper investor appetite—assess buy-vs-rent scenarios carefully and prioritize properties with clearer cash-flow or long-term appreciation prospects.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold at market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold below market average
Sold below market average
Phoenix, AZ 85029 Real Estate Market Report
ZIP Code: 85029
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.
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.
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.
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.
Property Taxes
Liquidity & Velocity
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 the 85029 area are averaging 6.35%, reflecting a stable market environment for property owners compared to earlier 2026 benchmarks.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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The primary market indicator, $215,000 for median sold price, signals the prevailing transaction value in the ZIP and, combined with a up year-over-year price trend, suggests modest appreciation pressure in the area.
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There is a noticeable gap between $229,000 median listing price and $215,000 median sold price, which may indicate pricing friction where seller expectations exceed recent transaction levels and could lead to longer negotiations or price adjustments.
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Extended selling timelines are evident with 400 median days on market, which points to slower sales velocity and suggests that liquidity is muted despite the modest price appreciation; this may favor buyers who are patient or willing to negotiate.
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Market fundamentals show a 216 median price per square foot and a $995 median market rent, while interest rate context (30-year fixed averaging 6.35%) and moderate interest rate pressure suggest cautious financing conditions that could constrain near-term transaction volume; the overall market temperature remains neutral.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold at market average
Sold below market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold at market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.5% rate, 0.3% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
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