85224
Phoenix, Arizona
Phoenix 85224 needs watching.
The 85224 ZIP code in Phoenix, Arizona has a median sale price of $450K, down -1.6% year-over-year. Homes spend an average of 54 days on market, with 9% of homes selling above list price.
Folio's PropIQ™ score of 55 signals Caution conditions. Elevated price drops and longer days on market indicate softening in 85224.
The Phoenix ZIP code 85224 is experiencing a modest price correction, with the median sale price settling at $450,000 after a 1.6% year-over-year decline. Homes are spending an average of 53.5 days on market, indicating a normalized pace compared to the pandemic-era frenzy. Only 9% of properties are commanding above-list premiums, signaling that seller pricing power has diminished considerably and buyer negotiation leverage has returned to this submarket.
This environment favors patient buyers with conventional financing who can capitalize on the shift from seller to neutral market conditions. The 53.5-day marketing period provides sufficient time for thorough due diligence without competitive pressure, while the 9% above-list metric suggests room for price negotiation on most listings. Investors seeking cash-flowing rental properties may find entry points more favorable than twelve months ago, though the negative price trajectory requires careful underwriting of appreciation assumptions.
The PropIQ score of 55 reflects caution rather than crisis, suggesting the market has not found a definitive bottom but faces limited downside risk. With only 9% of transactions exceeding list price, further price discovery appears likely over the next two quarters. Buyers should monitor days-on-market trends and distressed inventory levels, as acceleration beyond 60 days would signal additional pricing pressure while stabilization near current levels would indicate equilibrium formation.
What is the median home price in 85224 Phoenix?
The median sale price in 85224 is $450K, down -1.6% year-over-year as of 2026-02-28.
How long do homes stay on the market in Phoenix 85224?
Homes in 85224 Phoenix spend an average of 54 days on market before going under contract.
Is Phoenix 85224 a good place to invest in real estate?
Folio's PropIQ™ score for 85224 is 55/100 — a Caution signal. 9% of homes sold above asking.
What does a PropIQ™ score of 55 mean for 85224?
PropIQ™ is Folio's proprietary market score combining price momentum, days-on-market velocity, inventory absorption, and investment signals into a 0–100 number. Score of 55 = Caution in 85224 Phoenix, Arizona.