Phoenix, AZ 85048 Real Estate Market Report

ZIP Code: 85048
Report Date: April 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 $594,975, reflecting a slight downward trend in home values. This indicates a decrease of 8% since 2022, suggesting a cooling market environment. The elevated median listing price of $622,000 indicates seller expectations may not align with current buyer sentiment, contributing to a slower sales velocity.

Market conditions are characterized by 244 days on market, indicating longer timeframes for property sales. With elevated inventory levels relative to sales activity, the market appears to be stabilizing, albeit with moderate transaction volume. Overall, while the broader Phoenix market may see modest growth, the specific conditions in 85048 suggest a need for cautious optimism among potential buyers and sellers alike.

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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.

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Key Findings

1. The median sold price of $594,975 indicates a decrease in home values, reflecting market adjustments.

2. With a median listing price of $622,000, there is a notable gap between seller expectations and buyer activity, suggesting potential pricing friction.

3. Properties are taking an average of 244 days on market, indicating slower sales velocity and extended timeframes for transactions.

4. The market temperature is currently neutral, suggesting balanced conditions without clear buyer or seller advantages.

5. The median market rent stands at $3,430, which is experiencing a down trend, reflecting stable to decreasing 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.