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) is characterized by a median sold price of $375,000, reflecting a notable shift towards buyer favorability. This market has seen a down trend in prices, indicating a 8% decrease since 2022. The median days on market stands at 161 days, suggesting slower sales velocity and a potential liquidity challenge for sellers as properties linger longer before sale.

The current market conditions reveal elevated inventory levels, with a significant gap between the median listing price of $389,999.50 and the median sold price. This discrepancy may indicate pricing friction, as sellers adjust expectations in response to the cold market temperature. Additionally, the median market rent is recorded at $2,716, which is also experiencing downward pressure, further complicating the landscape for both buyers and renters 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 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 market average around 5.875% to 6.375%, which is lower than the 6.87% average seen one year ago, suggesting a potential cost advantage for recent refinancers.

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 $375,000 indicates a market that has experienced a down trend in values, reflecting a 8% decrease since 2022.

2. With a median days on market of 161 days, properties are experiencing slower sales velocity, suggesting potential liquidity challenges for sellers.

3. The median listing price of $389,999.50 compared to the median sold price indicates pricing friction, as sellers may need to adjust expectations in a cold market.

4. Elevated inventory levels suggest an excess supply relative to sales activity, contributing to the prolonged days on market.

5. The median market rent of $2,716 is also under pressure, indicating a down trend in rental values, which may impact overall market dynamics.

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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.