Phoenix, AZ 85048 Real Estate Market Report

ZIP Code: 85048
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 85048) is $612,200, reflecting a market that has seen a down trend year-over-year. This price point indicates a shift in buyer sentiment and market dynamics, as the neighborhood has decreased 8% since 2022. The current market conditions suggest a balancing phase, with 187 days as the median days on market, indicating slower sales velocity and potentially a more cautious buyer approach.

Inventory levels appear elevated, with a notable excess supply relative to sales activity. This situation may indicate that sellers are adjusting their expectations, as the median listing price stands at $642,450, creating a pricing friction that could impact future sales. Overall, the market temperature is neutral, suggesting a period of stabilization amidst fluctuating demand and supply dynamics.

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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 Phoenix AZ 85048 average around 5.76% APR, which is slightly lower than the 5.88% average seen just a day prior, presenting a marginal cost advantage for new financing.

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 $612,200 indicates a market that has experienced a down trend year-over-year, reflecting changing buyer sentiment.

2. With a median days on market of 187, the market is experiencing slower sales velocity, suggesting potential pricing adjustments may be necessary.

3. The median listing price of $642,450 presents a gap compared to the sold price, indicating pricing friction that could affect transaction volume.

4. Elevated inventory levels suggest excess supply relative to sales activity, which may pressure sellers to reconsider their pricing strategies.

5. The median market rent of $3,430 has also seen a down trend, reflecting increased supply and potentially affecting rental demand.

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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.