ZIP 85023 Housing Market & Real Estate Update (Phoenix, AZ) — February 23, 2026
85023 – February 23, 2026 – ZIP 85023 (Phoenix, AZ) snapshot: prices are down year-over-year, inventory is moderate, and rent trends look softer.
ZIP 85023 (Phoenix, Arizona) starts the week looking like a ‘more choice, more negotiating room’ market versus a year ago. Across the major housing trackers, year-over-year pricing is still running lower.
Top takeaways
- Prices remain softer year-over-year: Redfin shows a January 2026 median sale price of about $420K (down 6.6% YoY).
- Inventory is steady-to-moderate: Zillow shows 82 for-sale listings as of Jan. 31, 2026, and Realtor.com shows 92 active listings (Dec. 2025 reporting period).
- Homes are still selling, but buyers are picky: Redfin shows about 45 median days on market (Jan. 2026), while Zillow shows a 28-day median time to pending (Jan. 31, 2026).
- Rent signals are mixed but generally cooler: Zillow shows average rent around $1,262 in Jan. 2026 (down YoY), and Realtor.com’s median rent is $1,277 for Dec. 2025 (down YoY).
Market snapshot (data varies by source and time period)
Zillow’s Home Value Index puts the typical home value in 85023 at $413,907, down 3.5% year-over-year (data through Jan. 31, 2026). Zillow also lists 24 new listings and 82 total for-sale listings for that same month.
Redfin’s ZIP-level tracker shows a January 2026 median sale price of $420,000, with 71 homes sold and a 45-day median time on market. Redfin also notes homes selling for about 3% below list on average.
Realtor.com’s ZIP market page (reporting period: Dec. 2025) shows a median home price of $429,350, 92 active listings, and 61 average days on market, plus a median rent of $1,277 and 233 rental properties tracked.
What’s for sale (and what to filter for)
Active counts differ by portal: Zillow shows 85 for-sale results, Redfin shows 77 homes for sale, and Realtor.com shows 105 homes. If you feel like ‘nothing good is hitting the market’, it’s worth checking more than one feed.
For renters, Zillow is currently showing 316 rental listings in 85023. If you’re comparing lease options, try filtering by home type (apartment vs. single-family), pet policy, and in-unit laundry first, then dial in price and commute.
Local pros to line up before you list or right after you close
- Green Star Plumbing Company Phoenix (Plumber)
- Walker Family Plumbing & Electric (Plumber / Electrician)
- 24 HR Emergency Plumber Scottsdale AZ INC (Plumber)
What are you seeing right now in 85023: more price cuts, stronger offers on the best-kept homes, or something else?
Sources
https://www.zillow.com/home-values/94739/phoenix-az-85023/
https://www.zillow.com/phoenix-az-85023/
https://www.zillow.com/phoenix-az-85023/rentals/
https://www.redfin.com/zipcode/85023/housing-market
https://www.redfin.com/zipcode/85023
https://www.realtor.com/local/market/arizona/zipcode-85023
https://www.realtor.com/realestateandhomes-search/85023
https://www.realtor.com/apartments/85023