85131
Phoenix, Arizona

The 85131 ZIP code registers a median sale price of $329,000 as of February 2026, down 8.6% year-over-year in a market showing clear buyer advantage. Homes are averaging 93 days on market, well above the typical equilibrium range of 30-60 days that signals balanced conditions. Only 13% of properties are selling above list price, indicating sellers have lost pricing power and must compete more aggressively for the limited buyer pool actively transacting.

This environment favors patient buyers with financing secured and flexible timelines who can leverage the 93-day DOM average to negotiate below-ask offers. The 8.6% annual depreciation suggests sellers from 2025 are already underwater on expected appreciation, making them more willing to negotiate. Investors seeking cash-flow properties rather than appreciation plays may find opportunities here, provided rental demand metrics support the $329,000 basis against current financing costs.

The PropIQ score of 55 signals caution rather than crisis, suggesting stabilization potential exists but hasn't materialized yet. Key variables to monitor include whether DOM extends beyond 100 days, which would indicate further price pressure, and whether the 13% above-list ratio drops below 10%, confirming a shift toward distressed seller conditions. Current data suggests a grinding market rather than sharp further declines, but no catalyst for near-term recovery appears present in these metrics.