Phoenix, AZ 85037 Real Estate Market Report

ZIP Code: 85037
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

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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 85037 area average 6.30%, which is 0.55% higher than the 5.75% rates observed in early March 2026.

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. $398,000 median sold price is the primary indicator of market value and recent transactions in 85037, and it sits above the median listing price $385,000, which may indicate sellers are still achieving prices above asking in completed deals; representative recent sale strength appears present despite broader regional softening.

2. 171 median days on market points to slower sales velocity and extended time-to-close for SFR and condo listings in the sample, which suggests liquidity is muted even as transactions occur.

3. $219 median price per square foot provides a consistent pricing benchmark for valuing comparable inventory and supports refined pricing strategies for listings and offers; useful valuation context for underwriting and comps.

4. Current 30-year fixed mortgage rates in the 85037 area average 6.30%, with the local rate 0.55% higher than rates observed in early March 2026, creating moderate interest rate pressure that may constrain buyer budget capacity and slow market turnover.

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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 85037 Real Estate Market Report

ZIP Code: 85037
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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the 85037 area average 6.30%, which is 0.55% higher than the 5.75% rates observed in early March 2026.

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 primary market indicator, the median sold price of 235,000, anchors current neighborhood value and suggests realized transaction pricing is slightly above asking expectations when compared to the median listing price; representative recent sale level.

2. The gap between the median listing price of 229,900 and the median sold price of 235,000 alongside a median days on market of 394 suggests pricing friction and slower sales velocity — this appears consistent with a market that is neutral to balanced on temperature.

3. The median price per square foot of 228 and the median market rent of 1,750 indicate pricing context for both owner-occupiers and investors, while rent trends noted as down advise caution for rental-income projections.

4. Broader headwinds include moderate interest rate pressure with local 30-year fixed mortgage rates averaging 6.30% (0.55% higher than early March 2026), which may continue to temper buyer affordability and support the observed slower transaction pace.

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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.