85378
Phoenix, Arizona

ZIP code 85378 shows clear deceleration with a median sale price of $345,000, down 2.8% year-over-year as of February 2026. Homes are averaging 57 days on market, indicating weakened absorption compared to the Phoenix metro's historically faster pace. Only 8% of properties are closing above list price, a stark reversal from the bidding war environment that characterized this market in prior cycles. This data confirms a shift toward buyer-favorable conditions.

The current metrics favor price-sensitive first-time buyers and bottom-fishing investors willing to negotiate. With 92% of homes selling at or below asking price and nearly two months of market exposure typical, buyers have substantive leverage in negotiations. Sellers facing job relocation or time constraints are disadvantaged, as the -2.8% price decline and extended days on market suggest holding costs are accumulating without compensating appreciation.

The PropIQ score of 55 signals caution, suggesting further price compression or sustained stagnation is more probable than recovery in the near term. Inventory levels and mortgage rate trajectories will determine whether days on market extend beyond 60 days, which would accelerate seller capitulation. Observers should monitor the percentage of homes selling below list price and month-over-month listing volume as leading indicators of whether this market finds a floor or continues its downward repricing.