Phoenix, AZ 85051 Real Estate Market Report

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

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Executive Overview

As of February 2026, the real estate market in Phoenix, AZ (ZIP: 85051) is characterized by a median sold price of $353,000, reflecting a challenging environment for sellers as prices have decreased. The neighborhood has decreased 8% since 2022, indicating a significant shift in market dynamics. The median listing price stands at $362,950, suggesting a notable gap between seller expectations and actual transaction values, which may contribute to slower sales activity in the area.

Transaction velocity appears to be impacted by elevated inventory levels, with median days on market reaching 189 days. This extended period indicates a slower sales velocity, as buyers remain cautious amidst elevated interest rate pressure and affordability concerns. The market temperature is currently assessed as neutral, suggesting balanced conditions despite the ongoing price declines. Overall, the market is experiencing excess supply relative to sales activity, which may further influence pricing strategies moving forward.

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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 AZ 85051 area average around 5.88% compared to the 2026 forecast average of 6.30%, suggesting property owners locked in a favorable rate.

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 $353,000, indicating a significant decrease in market value.

2. With a median listing price of $362,950, there is a pricing gap that may lead to pricing friction for sellers.

3. The median days on market of 189 days suggests a slower sales velocity in the current market.

4. The market temperature is assessed as neutral, indicating balanced conditions despite ongoing price declines.

5. Elevated interest rate pressure is contributing to a cautious buyer sentiment, impacting overall market liquidity.

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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.