85623
Phoenix, Arizona
Phoenix 85623 needs watching.
The 85623 ZIP code in Phoenix, Arizona has a median sale price of $615K, down -1.6% year-over-year. Homes spend an average of 86 days on market, with 0% of homes selling above list price.
Folio's PropIQ™ score of 45 signals Caution conditions. Elevated price drops and longer days on market indicate softening in 85623.
The 85623 market has shifted decisively in favor of buyers, with the median sale price declining 1.6% year-over-year to $615,000 and zero homes selling above asking price. Inventory is accumulating as properties average 85.5 days on market, well above the standard 30-45 day range that indicates balanced conditions. This deceleration marks a clear departure from the post-pandemic seller's market that characterized Phoenix-area submarkets through 2024.
Cost-conscious buyers willing to negotiate gain maximum leverage in this environment, particularly those who can tolerate extended search periods to secure concessions. The complete absence of above-list transactions means sellers are accepting offers at or below asking, creating room for inspection-contingent offers and repair credits that were unthinkable 18 months ago. Investors seeking cash-flowing rentals should recalibrate cap rate models downward given the negative price momentum and extended liquidation timeline.
The PropIQ score of 45 signals persistent headwinds, suggesting further price compression or continued elevated inventory through Q2 2026. Absorption rates require monitoring: if days-on-market exceeds 90 consistently, expect additional 2-3% price declines as sellers capitulate. Any improvement in this score above 55 would indicate stabilization, but current data shows no inflection point in buyer demand or pricing power restoration for sellers.
What is the median home price in 85623 Phoenix?
The median sale price in 85623 is $615K, down -1.6% year-over-year as of 2026-02-28.
How long do homes stay on the market in Phoenix 85623?
Homes in 85623 Phoenix spend an average of 86 days on market before going under contract.
Is Phoenix 85623 a good place to invest in real estate?
Folio's PropIQ™ score for 85623 is 45/100 — a Caution signal. 0% of homes sold above asking.
What does a PropIQ™ score of 45 mean for 85623?
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 45 = Caution in 85623 Phoenix, Arizona.