Market Intelligence · AZ / Phoenix

Phoenix, AZ 85023 Housing Market

The typical home in Phoenix's 85023 ZIP code is valued at $414,907, down 1.2% over the past year as of September 2026. Sellers are listing at a median of $439,000, and homes are taking a median of 50 days to sell.

Updated September 2026Median value$415K

The median home value in Phoenix, AZ 85023 is $415K as of September 2026, down 1.2% year over year, according to Zillow ZHVI. For a read on your own home, start with a free consultation: a licensed local pro will walk you through your numbers and your options, with no obligation.

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Typical 85023 range

$382K to $448K

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

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12-month value trend

-1.2% over 12 months

Sep 2025$420K

Low $415KHigh $420K

Sep 2026$415K

The numbers

What is the 85023 housing market like?

As of September 2026

Typical home value

$415K

1.2%YoY

Median list price

$439K

0.5%MoM

Days on market

3.8%MoM

Homes for sale

19.7%MoM

Price cuts

34.2%

25.9%MoM

New listings

11.1%MoM

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

85023 housing market forecast 2027

-1.6%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 85023 to fall 1.6% by September 2027.

Over the 12 months through September 2026, typical home values in 85023 fell 1.2%, per the Zillow Home Value Index.

Will home prices drop in 85023?

Zillow's forecast says they may: it expects typical home values in 85023 to fall 1.6% by September 2027, after a 1.2% decline over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

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The comparison

How do 85023 home prices compare?

85023$414,907
Phoenix$408,720
Arizona$385,442
United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Phoenix: 42 ZIPs; Arizona: 300 ZIPs; United States: 26,262 ZIPs).

Context

As of September 2026, there were 85 homes for sale in 85023, with 40 new listings coming on the market. The median list price sat at $439,000, above the typical home value of $414,907. Homes spent a median of 50 days on the market, and 34.2% of listings had taken a price cut. Values slipped 1.2% over the past year. For a seller, that combination points to a market where pricing right from the start matters more than testing a high number.

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Common questions

What people ask us.

How much is a home in 85023 worth?

The typical home value in 85023 is $414,907 as of September 2026, down 1.2% over the past year. The median list price is $439,000.

How long does it take to sell a home in 85023?

Homes in 85023 spent a median of 50 days on the market as of September 2026.

Are sellers cutting prices in 85023?

Yes. As of September 2026, 34.2% of listings in 85023 had a price cut, with 85 homes for sale and 40 new listings.

Discover

Nearby ZIP markets.

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