Phoenix, AZ 85044 Real Estate Market Report

ZIP Code: 85044
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Phoenix, AZ (ZIP: 85044) is currently $497,000, reflecting a market that has decreased 8% since 2022. This decline suggests a softening in home values, which may be indicative of a shift in buyer sentiment and market dynamics. The elevated inventory levels relative to sales activity further support this narrative, as the market appears to be adjusting to a more balanced state, allowing buyers to exert greater influence over pricing and terms.

Transaction velocity is notably slower, with properties spending a median of 159 days on the market. This extended timeframe may indicate a cautious approach from buyers, as they navigate a landscape characterized by moderate interest rate pressure and a neutral market temperature. As the rental market experiences significant price declines due to an oversupply of new units, affordability is improving, which could eventually stimulate sales activity in the residential market.

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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 AZ 85044 market average around 5.88% to 6.6%, which is slightly higher than rates seen just a week prior, indicating a recent upward tick for property owners.

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 $497,000 indicates a market that has decreased by 8% since 2022.

2. Properties are taking a median of 159 days on market, suggesting slower sales velocity and potential pricing friction.

3. The median listing price stands at $456,500, which shows a notable gap compared to the sold price, indicating caution among sellers.

4. With a neutral market temperature, the balance between buyers and sellers appears stable but may shift as inventory levels remain elevated.

5. The median market rent of $2,850 is down, reflecting a significant oversupply in the rental market, which could influence buyer behavior.

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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.