Phoenix zip code 85028

Since the peak in 2020, when 409 SFD homes were sold, sales of homes in 85028 are down 45%, primarily due to the rise in interest rates on the 30-year mortgage. However, despite the sharp decline in the number of homes sold, the average sale price increased 7.88% in 2024 to $875,287.

A look into Luxury – April 14th, 2024

This represents a major shift in Arizona’s luxury home market for homes priced at $14 million or above. Let me explain: The best year ever for homes in this price range was 2021, with 7 homes sold, matching the number of homes either under contract or sold in 2024. What do 2021 and 2024 have in common?