Phoenix, AZ 85051 Real Estate Market Report

ZIP Code: 85051
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The real estate market in Phoenix, AZ (ZIP: 85051) is currently characterized by a median sold price of $339,900, reflecting a downward trend in home values. The market has experienced a decline in prices, with the overall sentiment indicating a neutral market temperature. This suggests that while there is some activity, the market is not favoring sellers, as evidenced by the median days on market of 246, indicating slower sales velocity and potential pricing friction for sellers.

Additionally, the median listing price stands at $352,450, which creates a notable gap between listing expectations and actual sold prices. This disparity may indicate that sellers are adjusting their expectations in response to market conditions. With elevated inventory levels relative to sales activity, buyers may find opportunities in this market, although the overall trend of decreasing prices and elevated interest rate pressure may temper immediate demand.

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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 are averaging 6.25%, which is 0.6% higher than the 5.65% average seen in early 2026.

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 is $339,900, indicating a down trend in home values.

2. With a median days on market of 246, the market is experiencing slower sales velocity.

3. The median listing price of $352,450 suggests a significant gap between seller expectations and market reality, indicating potential pricing friction.

4. Rental demand is strengthening, but the median market rent has decreased to $2,386, reflecting downward pressure on rental prices due to increased supply.

5. Current interest rates are averaging 6.25%, which is 0.6% higher than earlier in the year, contributing to elevated interest rate pressure on buyers.

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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.