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 currently $601,000, reflecting a market that has seen a down trend in prices. This price point is critical as it indicates the actual transaction values, providing a more accurate picture of market conditions than listing prices. With a median listing price of $650,000, there is a noticeable gap between what sellers are asking and what buyers are willing to pay, suggesting potential pricing friction in the market.

Market activity shows 188 days as the median days on market, indicating slower sales velocity and a market that may be adjusting to elevated inventory levels. Despite these challenges, recent contract activity suggests that demand is beginning to stabilize, as buyers cautiously re-enter the market, motivated by improving mortgage rates. The overall market temperature remains neutral, indicating a balance between supply and demand, but with signs of softening prices and elevated inventory relative to sales activity.

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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 85048 market average around 5.8% compared to the 2026 origination average of 6.3% for similar loans.

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 $601,000 indicates a market experiencing down pricing pressure.

2. With a median listing price of $650,000, there is significant pricing friction between seller expectations and buyer willingness.

3. The median days on market of 188 suggests a slower sales velocity as properties take longer to sell.

4. The market temperature is currently neutral, reflecting a balance between supply and demand conditions.

5. The median market rent is $3,430, which has also seen a down trend year-over-year, indicating oversupply in the rental market.

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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.