85042 Phoenix, AZ Housing Market

Trend

The median listing price in ZIP Code 85042 decreased by 5.0% MoM and 0.8% YoY to $490,000. Active listings saw a year-over-year decline of 16.3% to 113, and new listings also decreased by 7.7% YoY. Median days on market improved by 8.2% YoY, settling at 56 days. The share of price-reduced listings is 41.7%, a 3.6% decrease from the previous year. The pending ratio stands at 0.37, representing a 2.1% YoY decrease, indicating a cooling trend in buyer activity relative to available inventory. Median price per square foot, however, increased by 3.8% YoY to $268.

Negotiating leverage

The decrease in both active and new listings suggests some inventory pressure, yet the declining pending ratio points to a slower pace of transactions. This indicates a market where sellers may need to exercise greater price discipline to attract offers, as buyers face less urgency in decision-making.

Luxury segment

The average listing price of $609,726 significantly exceeds the median listing price of $490,000, underscoring a segment of higher-priced properties in the market. The median price per square foot is $268, indicating the underlying value across properties. The average listing price also experienced a 6.0% YoY increase, contrasting with the overall median listing price trend.