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The phrase "is pricey" is correct and can be used in written English.
You can use it when you are speaking about something that is expensive or costly. For example: "This car is really nice, but it is pricey."
Dictionary
is pricey
adjective
Expensive, dear.
synonyms
Exact(59)
But that is pricey.
Intimate teaching is pricey.
Its energy is pricey.
So Mangalitsa is pricey.
WHAT YOU'LL PAY Housing is pricey.
Meat is pricey, and space is limited.
Western food is pricey so, go native.
Granted – this is pricey, really pricey.
Storage for that kilowatt-hour is what is pricey.
It is pricey, at $13, but sure seems worth it.
Rehiring, retraining and tackling low morale is pricey.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com