85024
Phoenix, Arizona

The 85024 ZIP code recorded a median sale price of $517,500 as of February 2026, marking a 7.8% year-over-year increase that outpaces national inflation trends. Homes are averaging 72.5 days on market, indicating a normalization from the sub-30-day frenzy of prior years. With only 18% of properties closing above list price, the market has shifted from the aggressive bidding environment that characterized 2021-2022, suggesting sellers now hold less pricing power than recent historical norms.

This environment favors patient buyers who can conduct thorough due diligence during the 72-day average marketing period, particularly those seeking $450,000-$575,000 single-family homes without facing multiple-offer situations. Sellers with properties priced accurately within the $517,500 median range maintain reasonable prospects, though the 82% of homes selling at or below list suggests aggressive pricing strategies will result in extended market time. Investors targeting value-add opportunities benefit from reduced competition, as the 18% above-list figure indicates fewer speculative buyers in the pool.

The PropIQ score of 70 signals neutral conditions with potential downward pressure, warranting close monitoring of absorption rates and new listing volume through Q2 2026. The 7.8% appreciation rate may compress if days-on-market extends beyond 80 days or if above-list transactions fall below 15%. Market participants should track month-over-month inventory changes and mortgage rate movements, as the current 72-dayDOM provides a narrow window before conditions could tip toward buyer advantage or renewed seller strength depending on spring selling season demand.