4-week rolling average · Data through March 12, 2026 · ZIP 85016
The Biltmore area of Phoenix (85016) is showing a notable gap between the median list price of $599,900 and the median sale price of $824,000, suggesting that many homes are selling significantly above their initial asking price in this warm market. With a market temperature score of 73 and a median days on market of just 30 days, buyer demand remains strong. At $424.31 per square foot, this established Phoenix corridor commands a premium compared to broader metro averages.
| Beds | Sale Price | Rent |
|---|---|---|
| 1BR | $259K | $1K/mo |
| 2BR | $450K | $2K/mo |
| 3BR | $695K | $3K/mo |
| 4BR | $1.05M | $4K/mo |
| 5BR | $1.43M | $6K/mo |
| 6BR | $3.95M | $9K/mo |
| 7BR | $6.00M | — |
| 8BR | $2.45M | — |
The median sale price of $824,000 running well above the median list price of $599,900 indicates sellers are benefiting from competitive offers and strong buyer interest. With only 30 median days on market and 404 active listings, well-priced homes in this area are moving quickly and attracting serious buyers.
Buyers should be prepared for homes to sell above the list price, as the gap between the $599,900 median list and $824,000 median sale price signals a competitive environment. At a 30-day median time on market, moving decisively with financing already in place is essential to securing a home in the 85016 zip code.
With a median rent of $1,595 against a median sale price of $824,000, gross rental yields on a typical purchase are slim, making appreciation and asset quality more important factors than immediate cash flow. However, the rental inventory of 691 units and rent levels reaching $3,950 for four-bedroom homes suggest stronger return potential exists at the higher end of the rental market.
The current 30-year mortgage rate of 6% and 15-year rate of 5.43% are meaningful considerations when evaluating affordability at the $824,000 median sale price, as monthly principal and interest on a 30-year loan at 6% with 20% down would be approximately $3,951. Buyers who can qualify for the 15-year rate of 5.43% will save significantly on total interest paid over the life of the loan, though the higher monthly payment requires stronger income qualification.
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Market intelligence by FarmPosts