85029
Phoenix, Arizona

# Market Report: Phoenix 85029

The 85029 submarket shows contractionary momentum with a median sale price of $360,000, down 3.2% year-over-year as of February 2026. Homes are averaging 67.5 days on market, and only 11% of sales are closing above list price—both indicators of weakened demand relative to supply. This price decline marks a reversal from Phoenix's post-pandemic appreciation cycle, with inventory absorption rates signaling a shift toward buyer negotiating power in this northwest Phoenix corridor.

These conditions favor price-sensitive primary buyers and value-oriented investors who can afford patient capital deployment. The 67.5-day market time allows for comprehensive due diligence and multiple offer iterations without competitive pressure. Sellers facing time constraints or holding recently-purchased properties will encounter headwinds, as the negative 3.2% price movement compresses equity positions. Cash buyers and those requiring minimal financing contingencies maintain the strongest negotiating leverage given that 89% of transactions close at or below asking price.

The PropIQ score of 55 signals continued caution through Q2 2026, suggesting price stabilization remains several months away. Monitor the percentage of above-list sales—any movement above 20% would indicate demand recovery, while further decline below 8% would confirm additional price compression. The 67.5-day absorption metric is critical; sustained movement below 50 days would precede price inflection, while expansion beyond 80 days would likely trigger another 2-4% valuation decline across this ZIP code.