Is 85048, AZ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 85048 is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, 85048 has remained a Seller's Market.

Key Takeaway

85048 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 85048, AZ

How much do homes in 85048, AZ cost?

Median Sold Price

$573,000

$288/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$12,000(-2.1%)

Key Takeaway

Homes in 85048 have sold for 2.1% less than they did a year ago.

Summary: The median home sold price in 85048 was $573,000 in February 2024, down 2.1% from last year, and the median price per square foot was $288.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $265K$251K
-5.3%
2 $337.5K$310.5K
-8.0%
3 $505K$518K
+2.6%
4 $690K$647.5K
-6.2%
5+ $825K$785K
-4.8%

Summary: 85048 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.3%, 2 bedroom homes decreased by 8%, 3 bedroom homes increased by 2.6%, 4 bedroom homes decreased by 6.2%, and 5+ bedroom homes decreased by 4.8%.

Median Sold Price Compared To Nearby Zip Codes

85226
0.3%
85044
-0.8%
85048
-2.1%
85042
-4.2%
85045
-6.2%

Housing Supply in 85048, AZ

How many homes are available in 85048, AZ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
119127+6.7%

Summary: The 85048 real estate market had 127 homes for sale in February 2024, a 6.7% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 46
+50.0%
2 88
0.0%
3 4148
+17.1%
4 4036
-10.0%
5+ 2629
+11.5%

Summary: The 85048 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes remained the same, 3 bedroom homes increased by 17.1%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 11.5%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2434+41.7%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 85048, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 34 homes were sold or pending in 85048 in February 2024, up by 41.7% month-over-month. Of the 34 sold homes, 47% were sold under asking, 38% were sold at asking, and 15% were sold over asking.

Days on Market for 85048, AZ

How long does it take to sell a home in 85048, AZ?

Average Sale Time

Feb 2023Feb 2024CHANGE
84 Days47 Days-44.1%

Summary: Homes in 85048 had an average of 47 days on market in Feb 2024, down by 44.1% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 85048 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 34 homes were sold in 85048; 47% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in 85048, AZ

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