One section of Glendale dwarfs all others when it comes to current median home list prices on the market.
According to data from industry tracker Altos Research as of Sept. 6, homes in the 85307 ZIP code boast a median list price of $767,000. That checks in at an average of $238 per square foot.
The average price per square foot of floor space in new single-family houses in the U.S. in 2020 is $122.12, according to Statista, a leading provider of market and consumer data.
The 85307 ZIP code encompasses an area as far as west as the intersection of Litchfield Park Road and Olive Avenue bordering Luke Air Force Base, to the south and east of the Westgate Entertainment District, and as far north as the intersection of Olive Avenue and El Mirage Road.
“The market continues to get hotter,” Altos stated in its Sept. 6 report on 85307. “More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices.”
Housing inventory is listed as only four, and homes in this area of Glendale spend an average of 19 days on the market. The median rent in this area is $2,035.
Here’s a look at housing statistics in other Glendale ZIP codes per the Sept. 6 Altos report:
85301
Median List Price: $370,000
Per Square Foot: $200
Average Days on Market: 19
Inventory: 18
Median Rent: $1,800
“The (85301) market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence.”
85302
Median List Price: $399,950
Per Square Foot: $205
Average Days on Market: 19
Inventory: 24
Median Rent: $2,025
“The (85302) market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.”
85303
Median List Price: $353,000
Per Square Foot: $223
Average Days on Market: 26
Inventory: 13
Median Rent: $2,000
“The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.”
85304
Median List Price: $415,000
Per Square Foot: $228
Average Days on Market: 23
Inventory: 27
Median Rent: $2,045
“The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.”
85305
Median List Price: $489,900
Per Square Foot: $205
Average Days on Market: 11
Inventory: 9
Median Rent: $2,700
“The market has achieved a relative stasis point in terms of supply and demand — conditions don’t seem to be getting hotter or cooler. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as a result.”
85306
Median List Price: $427,000
Per Square Foot: $233
Average Days on Market: 33
Inventory: 16
Median Rent: $1,750
“The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.”
85308
Median List Price: $489,000
Per Square Foot: $241
Average Days on Market: 23
Inventory: 115
Median Rent: $2,350
“The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence.”
85310
Median List Price: $524,000
Per Square Foot: $262
Average Days on Market: 18
Inventory: 24
Median Rent: $2,200
“Despite the fact that we’re in a Seller’s market, prices have not yet resumed upward momentum. However, it is likely that given these conditions, prices will at least level off very soon. If the increasing trend continues, expect that prices could shift higher quickly.”
Steve Stockmar has been with the Independent Newsmedia team since 2017. An NAU alum and Peoria resident, Steve’s community journalism pursuits focus mostly on arts & culture, education, and profiles of neighbors making a difference. In his spare time Steve plays in a vintage baseball league using uniforms and rules from the 1860s, and also acts (badly) in community theater. In addition, he has an unhealthy obsession with baseball and the Chicago Cubs.
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