Phoenix, AZ 85048 Real Estate Market Report

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.

Market Metrics

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.

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.

Property Taxes

Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

Market Trends & Context

Key Findings

1. The primary indicator of market value and recent transaction activity is the median sold price of $670,500, which anchors pricing expectations for SFR and condo transactions in ZIP 85048 and suggests recent closings are the most reliable signal of realized value.
2. There is a meaningful spread between the median listing price of $599,900 and the median sold price of $670,500, which may indicate pricing friction or that seller realizations have exceeded typical asking levels, so sellers and appraisers should validate comparable closed sales rather than relying solely on active asking prices.
3. The median days on market is 325, a long duration that points to slower sales velocity and suggests that transaction timelines are extended even while the sample shows relatively constrained active supply; agents should set realistic marketing windows and consider targeted pricing or incentives to accelerate deals.
4. Macro and near-term signals show down price year-over-year trend and neutral market temperature alongside elevated interest rate pressure and down rent year-over-year trend, implying cautious buyer activity and higher financing sensitivity—underwriters and investors should stress-test assumptions for rate increases and softer rental demand.

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.