Phoenix, AZ 85051 Real Estate Market Report

ZIP Code: 85051
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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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

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.

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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 are 6.6% compared to 6.0% for typical loans originated in early 2026, indicating that property owners in this market currently hold more favorable interest rates.

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 primary market signal is the median sold price of $339,500, which serves as the most reliable indicator of recent transaction value and suggests that realized prices are sitting below the median listing price of $355,000, indicating potential pricing friction as sellers adjust expectations (representative recent sale).

2. The median days on market of 274 points to materially slower sales velocity and reduced liquidity versus typical market turnover rates, which may require longer marketing windows or price concessions to achieve sale (slower sales velocity).

3. Local pricing momentum is showing a down year-over-year trend while overall market conditions are described as neutral, so expect a balance where sellers may need to be flexible and buyers can be selective (down).

4. Rental demand is cooling with a median market rent of $1,189 and a rent year-over-year trend of down; combined with moderate interest rate pressure and the fact that current 30-year fixed mortgage rates in Phoenix AZ are 6.6% compared to 6.0% for typical loans originated in early 2026, investors should evaluate cash-flow robustness and vacancy risk before underwriting acquisitions.

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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.

Phoenix, AZ 85051 Real Estate Market Report

ZIP Code: 85051
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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

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.

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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 are 6.6% compared to 6.0% for typical loans originated in early 2026, indicating that property owners in this market currently hold more favorable interest rates.

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 primary market indicator, median sold price of 151,500, represents the most reliable signal of recent transaction values and suggests current market value is tracking below seller asking levels. neutral

2. There is a persistent listing-to-sale spread with median listing price at 178,000 versus the median sold price of 151,500, which may indicate pricing friction and that seller expectations remain above completed transaction prices. down

3. Liquidity appears slower: median days on market is 454, which points to extended selling timelines and reduced sales velocity despite a reported neutral market temperature. This suggests buyers are pacing decisions and transactions may take considerably longer than typical market cycles.

4. Macro and rental context are softening: observed trends show price year-over-year trend is down and rent year-over-year trend is down; interest environment shows interest rate pressure is moderate, with current 30-year fixed mortgage rates at 6.6% compared to 6.0% for typical loans originated in early 2026, which may preserve favorable financing for some existing owners while constraining new buyer affordability. balanced

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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.