Phoenix, AZ 85029 Real Estate Market Report

ZIP Code: 85029
Report Date: March 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of March 2026, the real estate market in Phoenix, AZ (ZIP: 85029) reflects a notable shift, with the median sold price currently at $366,500. This figure indicates a period of adjustment, as the market has experienced a down trend in prices. The median listing price stands at $386,950, suggesting a pricing gap that may contribute to buyer hesitance amidst elevated interest rate pressure. The market appears to be in a 'pause mode', characterized by slower transaction volume and a median days on market of 200, indicating a more deliberate buying process among potential homeowners.

Inventory conditions show elevated inventory levels, with a healthier supply of homes available for sale. This excess supply relative to sales activity suggests that buyers may have more options, but it also reflects a market that is adjusting to economic realities, including elevated interest rates averaging between 6.375% and 6.73%. While the rental market remains fundamentally strong with a median market rent of $2,386, the overall market sentiment is tempered by recent declines in both home prices and rents, indicating a cautious outlook for prospective buyers and investors alike.

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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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Phoenix market average around 6.375% to 6.73%, which is notably higher than the January 2026 average of 5.99% for property owners in this area.

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 $366,500 indicates a market adjusting to economic pressures, with prices trending down recently.

2. A median days on market of 200 suggests a slower sales velocity, reflecting a more cautious buyer sentiment in the current market environment.

3. The median listing price of $386,950 shows a significant gap from sold prices, which may indicate pricing friction as sellers adjust expectations.

4. With elevated inventory levels, buyers may find more options, but this also reflects a market with excess supply relative to sales activity.

5. The rental market remains stable, with a median market rent of $2,386, despite a down trend in rents year-over-year.

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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.