85009
Phoenix, Arizona

The 85009 market has entered a correction phase with the median sale price reaching $300,000, down 6.3% year-over-year. Properties are moving at a moderate pace, averaging 50 days on market, while only 14% of homes are commanding above-list prices. This represents a significant shift from the seller-dominated conditions that characterized Phoenix submarkets in recent years, indicating weakened buyer competition and reduced pricing power for sellers.

These conditions favor cash buyers and investors with capital reserves who can absorb the year-over-year depreciation. The 50-day average market time provides negotiating leverage that wasn't available when absorption rates were faster. Sellers face headwinds, particularly those who purchased within the last two years and may be approaching negative equity positions. The 14% above-list figure suggests selective competition exists only for best-condition properties at aggressive price points.

The PropIQ score of 55 signals continued caution, suggesting price stability remains elusive in this ZIP code. Buyers should monitor whether days-on-market extends beyond 60 days, which would indicate further softening and additional price concessions. The negative year-over-year trend has not yet reversed, and without substantial improvement in the above-list percentage climbing past 25%, this market will likely trade sideways through the next two quarters before finding a floor.