85023
Phoenix, Arizona
Phoenix 85023 needs watching.
The 85023 ZIP code in Phoenix, Arizona has a median sale price of $423K, down -6.0% year-over-year. Homes spend an average of 53 days on market, with 18% of homes selling above list price.
Folio's PropIQ™ score of 60 signals Caution conditions. Elevated price drops and longer days on market indicate softening in 85023.
The 85023 market shows clear cooling with the median sale price at $423,000, down 6.0% year-over-year, marking a definitive shift from the post-pandemic surge. Homes are moving in 53 days on average, well above the hyper-competitive era when properties sold in under two weeks. Only 18% of transactions close above asking price, indicating sellers have lost pricing power and multiple-offer scenarios have become the exception rather than the rule.
This environment favors patient buyers with financing locked and contingency periods to conduct thorough due diligence. The 53-day marketing window creates negotiating leverage absent during tighter inventory periods, while the 82% of homes selling at or below list allows for strategic offer positioning. Sellers with equity cushions built before 2024 can still exit profitably, but recent buyers face margin compression and should avoid listing unless circumstances demand it.
The PropIQ score of 60 signals caution rather than crisis, suggesting stabilization rather than freefall but warranting close monitoring of days-on-market trajectory. If DOM extends beyond 60 days in coming months while the sub-20% above-ask rate persists, further price compression becomes probable. Inventory growth relative to absorption rate will determine whether this 6.0% decline represents a reset or the beginning of a longer correction cycle.
What is the median home price in 85023 Phoenix?
The median sale price in 85023 is $423K, down -6.0% year-over-year as of 2026-02-28.
How long do homes stay on the market in Phoenix 85023?
Homes in 85023 Phoenix spend an average of 53 days on market before going under contract.
Is Phoenix 85023 a good place to invest in real estate?
Folio's PropIQ™ score for 85023 is 60/100 — a Caution signal. 18% of homes sold above asking.
What does a PropIQ™ score of 60 mean for 85023?
PropIQ™ is Folio's proprietary market score combining price momentum, days-on-market velocity, inventory absorption, and investment signals into a 0–100 number. Score of 60 = Caution in 85023 Phoenix, Arizona.