4-week rolling average · Data through March 12, 2026 · ZIP 85028
The Paradise Valley area of Phoenix (85028) is running hot with a market temperature score of 77, and homes are selling above asking at a median sale price of $745,000 compared to a median list price of $709,000. With only 138 active homes for sale and a median days on market of just 26 days, buyer demand is clearly outpacing available supply. At $386.28 per square foot, this is a premium market where well-priced homes are moving quickly.
| Beds | Sale Price | Rent |
|---|---|---|
| 1BR | $355K | $2K/mo |
| 2BR | $445K | $2K/mo |
| 3BR | $639K | $3K/mo |
| 4BR | $850K | $4K/mo |
| 5BR | $1.27M | $4K/mo |
| 6BR | $3.60M | $3K/mo |
Sellers are in a strong position as homes are closing at $745,000 on average despite a median list price of $709,000, meaning buyers are willing to pay above asking. With only 26 median days on market, correctly priced listings in this ZIP code are not sitting long.
Buyers should be prepared to offer above the list price, as the gap between the median list price of $709,000 and the median sale price of $745,000 shows this market rewards competitive offers. With only 138 active listings available, acting quickly and coming prepared with financing is essential in this fast-moving market.
Investors will find a wide range of entry points by bedroom count, from $355,000 for a 1-bedroom up to $849,500 for a 4-bedroom, while median rent sits at $3,000 with 3-bedroom rentals fetching $3,300 per month. With only 46 rental units currently available, rental demand appears strong, which supports favorable occupancy potential for long-term hold strategies.
The current 30-year fixed mortgage rate of 6.00% and 15-year rate of 5.43% are key factors to weigh when budgeting for a home at the median sale price of $745,000. Buyers who can qualify for the 15-year rate at 5.43% will pay significantly less in interest over the life of the loan, though monthly payments will be higher compared to the 30-year option.
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Market intelligence by FarmPosts