85140
Phoenix, Arizona

ZIP code 85140 posted a median sale price of $489,990 as of February 2026, marking a 10.0% year-over-year gain that outpaces typical Phoenix metro appreciation. Homes are averaging 74 days on market, indicating moderate inventory absorption rather than the rapid turnover seen in overheated conditions. The 20% of properties selling above list price signals persistent competition for well-positioned assets, though the majority of transactions close at or below ask.

This environment favors sellers with updated properties who can capture premium pricing from the one-in-five buyers willing to exceed list. Patient buyers gain negotiating leverage on the 80% of listings that don't command overbid scenarios, particularly if they can tolerate the 74-day search cycle. Buy-and-hold investors face a decision point: the 10% appreciation supports entry, but decelerating momentum requires confidence in longer-term Phoenix fundamentals rather than quick equity gains.

The PropIQ score of 70 reflects neutral positioning with caution indicators embedded in market mechanics. The 74-day absorption period and limited overbid activity suggest the double-digit appreciation rate may be nearing cyclical peak velocity. Investors should monitor whether days-on-market extends beyond 80 and if the 20% overbid rate contracts below 15%, both signals that would indicate a transition from appreciation to price stabilization within two quarters.