Phoenix, AZ 85085 Real Estate Market Report

ZIP Code: 85085
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 the Phoenix 85085 market are 6.30% compared to the 5.99% average observed in January 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 primary market indicator, the median sold price of 650,000, establishes recent transaction value in the neighborhood; sellers are listing at a higher level (the median listing price of 699,000) which may indicate pricing friction between asking and realized value rather than a sustained run-up in market value.

2. The median days on market of 263 suggests slower sales velocity and elongated listing lifecycles, which may indicate that buyers are more selective or that negotiation windows are wider; this slower pace appears consistent with a neutral market temperature rather than a rapid turnover environment.

3. The median price per square foot of 272 combined with a median market rent of 1,740 points to a pricing environment where per-unit capital values remain elevated while rental growth is softening; given the rent year-over-year trend is down, investors should expect cooling rent-based cash flow pressure in the near term.

4. Interest-rate context is a constraint: the market shows current 30-year fixed mortgage rates of 6.30% versus a recent comparator of 5.99%, with interest rate pressure labeled as moderate; this contributes to affordability headwinds and supports a view of a balanced, stable market rather than one strongly favoring buyers or sellers.

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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 85085 Real Estate Market Report

ZIP Code: 85085
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 the Phoenix 85085 market are 6.30% compared to the 5.99% average observed in January 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 neighborhood's median sold price is $390,350, which should be treated as the primary indicator of market value and recent transaction activity; the gap between the median listing price of $445,000 and the median sold price suggests pricing friction and indicates sellers’ asking expectations exceed recent realized sale prices.

2. The median days on market is 404, reflecting materially slower transaction velocity and suggesting that properties are taking longer to convert to closed sales—this slower pace may indicate buyer selectivity or extended negotiation timelines.

3. Sample-level supply appears as a relatively constrained active supply while sales activity remains moderate, and the market temperature is neutral, pointing to a move toward balance rather than a clear buyer- or seller-dominated environment; sellers should expect measured interest and potential negotiation on price.

4. Interest rate pressure is moderate, with current local 30-year fixed mortgage rates at 6.30% compared to 5.99% in January 2026, while median market rent is $2,200 and rent year-over-year trend is down; this combination suggests financing cost sensitivity for buyers and softening rental demand for investors to consider.

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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.