85353
Phoenix, Arizona

The 85353 ZIP code shows a cooling market with a median sale price of $412,390, down 0.6% year-over-year as of February 2026. Homes are averaging 57 days on market, indicating moderate absorption rates compared to peak velocity periods. Only 12% of properties are selling above list price, signaling diminished buyer urgency and a shift from the competitive bidding environments seen in prior years. This pricing pressure suggests sellers are making concessions to close transactions in the current environment.

This market favors patient buyers with financing secured and flexibility on closing timelines. The 57-day marketing period provides adequate time for due diligence without the pressure of multiple offer scenarios affecting 88% of transactions. Investors seeking cash-flowing rentals may find negotiating room given that nearly nine in ten homes sell at or below asking price. Sellers face headwinds and should price competitively from listing day rather than testing higher price points that extend market time.

The PropIQ score of 55 signals caution, reflecting stagnant price appreciation and weakening demand indicators that warrant conservative underwriting assumptions. The negative year-over-year price movement combined with elevated inventory time suggests further softening is possible if days-on-market extends beyond 60 days consistently. Monitoring monthly absorption rates and the percentage of homes accepting price reductions will provide early signals of whether this market stabilizes at current levels or requires additional price discovery through mid-2026.