Norterra, Phoenix, AZ—85085
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Norterra, Phoenix, AZ
As of Oct '25, the median home price in Norterra, Phoenix, AZ is $637,000, with a year-over-year change of -2.7%. This indicates that home prices in Norterra, Phoenix, AZ are decreasing. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $637,000 | -2.7% |
| Single Family | $647,000 | -2.6% |
| Condos | $371,000 | -3.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $348,000 | -6.7% |
3 Bed | $534,000 | -3.6% |
4 Bed | $677,000 | -2.2% |
| 5 Bed | $795,000 | -2.0% |
% of Housing Stock
Rental Trends — Norterra, Phoenix, AZ
As of July '25, Rentcast reports the average rent in Norterra, Phoenix, AZ is $2,650, with a year-over-year rent change of 6.4%. Per bedroom, the median rent as of July '25 in Norterra, Phoenix, AZ is studios: $1,200, 1-bedrooms: $1,500, 2-bedrooms: $2,110, 3-bedrooms: $2,720, 4-bedrooms: $3,350. The most common rental property sizes in Norterra, Phoenix, AZ are 2-bedroom and 1-bedroom, accounting for 38.2% and 29.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,520 | $2,650 |
| Studio Rent | $1,100 | $1,200 |
| 1 Bed Rent | $1,470 | $1,500 |
| 2 Bed Rent | $1,950 | $2,110 |
| 3 Bed Rent | $2,500 | $2,720 |
| 4 Bed Rent | $2,800 | $3,350 |
% of Rental Stock
Property Listings — Norterra, Phoenix, AZ
As of Oct '25, Realtor.com reports that the median days on market for a home in Norterra, Phoenix, AZ is 56. This is a increase of 9.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $690,000 | -4.0% |
Listing Count | 194 | 2.0% |
| Listings as % of Homes | 1.0% | 2.0% |
Days on Market | 56 | 9.0% |
Demographics — Norterra, Phoenix, AZ
As of the latest ACS Survey released in 2023, Norterra, Phoenix, AZ has a population of 30,100, which has increased by 35.7% over the past 5 years. Norterra, Phoenix, AZ is a popular place for families, as children make up 25.1% of the population. The area has a highly educated workforce, with 50.6% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 30.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 30,100 | 35.7% |
% Under 18 | 25.1% | -4.2% |
% Seniors | 11.0% | 32.5% |
% WFH | 30.3% | 288.5% |
% w/ College Degree | 50.6% | -0.6% |
As of the latest ACS Survey released in 2023, Norterra, Phoenix, AZ is a predominantly white area, with 66.0% of the population identifying as white. The white population has shrunk by 8.5% in the last 5 years. The second most common race or ethnicity in Norterra, Phoenix, AZ is asian, making up 12.3% of the population. Foreign-born residents account for 16.1% of the population in Norterra, Phoenix, AZ, and this percentage has increased by 11.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 66.0% | -8.5% |
% Black | 3.4% | -20.9% |
% Hispanic | 11.7% | 18.2% |
% Asian | 12.3% | 10.8% |
% Foreign Born | 16.1% | 11.8% |
Mortgage and Risk — Norterra, Phoenix, AZ
According to HUD data as of 2023, there were 769 mortgage originations in Norterra, Phoenix, AZ, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Norterra, Phoenix, AZ. Investor activity is low, as 3.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 769 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Norterra, Phoenix, AZ
As of 2024, the percent of homes in Norterra, Phoenix, AZ under the Section 8 program is 0.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Norterra, Phoenix, AZ, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 18 |
Total Units Section 8 | 18 |
% Rentals under Section 8 | 0.2% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $520 | $1,470 | $1,990 |
| 2 Bedroom | $360 | $1,950 | $2,310 |
| 3 Bedroom | $610 | $2,500 | $3,110 |
| 4 Bedroom | $680 | $2,800 | $3,480 |
Affordability — Norterra, Phoenix, AZ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.1 |
| Median Home Price | $637,000 |
| Median Household Income | $122,000 |