85123
Phoenix, Arizona
Phoenix 85123 needs watching.
The 85123 ZIP code in Phoenix, Arizona has a median sale price of $243K, down -1.6% year-over-year. Homes spend an average of 77 days on market, with 19% of homes selling above list price.
Folio's PropIQ™ score of 56 signals Caution conditions. Elevated price drops and longer days on market indicate softening in 85123.
The 85123 ZIP code recorded a median sale price of $243,490 as of February 2026, representing a 1.6% year-over-year decline that signals a shift from previous appreciation trends. Homes are averaging 77 days on market, substantially above the 30-45 day range typical of balanced conditions. Only 19% of properties are selling above list price, indicating sellers have limited pricing power and buyers are successfully negotiating at or below ask in most transactions.
This market favors methodical buyers with financing contingencies ready and patient negotiation strategies. The extended 77-day marketing period allows time for thorough due diligence without competitive pressure from multiple offers. Sellers facing time constraints will struggle, while those who can wait for optimal buyers maintain better positioning. Investors seeking immediate appreciation should avoid this ZIP; cash-flow focused landlords may find acceptable entry pricing given the median remains below $250,000.
The PropIQ score of 56 out of 100 signals caution, suggesting deteriorating momentum rather than immediate recovery. With only one in five homes commanding above-ask prices and inventory absorption slowing, further price softening of 2-4% appears more probable than stabilization through mid-2026. Monitor days-on-market trends and the percentage requiring price reductions as leading indicators of whether this market finds a floor or continues declining.
What is the median home price in 85123 Phoenix?
The median sale price in 85123 is $243K, down -1.6% year-over-year as of 2026-02-28.
How long do homes stay on the market in Phoenix 85123?
Homes in 85123 Phoenix spend an average of 77 days on market before going under contract.
Is Phoenix 85123 a good place to invest in real estate?
Folio's PropIQ™ score for 85123 is 56/100 — a Caution signal. 19% of homes sold above asking.
What does a PropIQ™ score of 56 mean for 85123?
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 56 = Caution in 85123 Phoenix, Arizona.