As written, this is far from balanced
One-way foggy wall is one-way.
This is a very powerful effect. Compare to magical darkness and having vision that sees through magical darkness, generally considered a very powerful effect. No one spell by itself provides this, especially for a whole party.
One-way foggy wall provides one-way heavy obscurement for the whole party.
A heavily obscured area--such as darkness, opaque fog, or dense foliage--blocks vision entirely. A creature effectively suffers from the blinded condition when trying to see something in that area.
In a sense, if used tactically, it blinds the entire opposing enemy.
One-way foggy wall is huge.
At 1200 square feet, you can create a one-way visual barrier that is 20 ft high and 60 ft wide. That is a huge space that gives you entirely a strategic advantage and no disadvantage. It doesn't block your vision. It doesn't block your ranged weapons. It doesn't block your spells. But for your enemy, it blocks them all.
One-way foggy wall does not require concentration.
Any even remotely similar spell also providing heavy cover (examples: fog cloud, darkness, sleet storm, and stinking cloud) requires concentration.
How to balance
Some combination of:
- Make it smaller - maybe 10 x 15, similar to darkness.
- Require concentration.
- Raise the level.
- Make it illusion and provide a save.
- Allow truesight to see through it.
- Require an expensive material component that is consumed.
Whatever you come up with, compare with existing spells, to the extent that you can.
For instance greater invisibility is 4th, and provides strategic advantage for only one creature, and requires concentration. Even with some of the restrictions above, in many situations this is much better than greater invisibility, which suggests that even if you restrict it, it's still at least 4th level.
Thought experiment
Play chess with yourself. Imagine two parties, of equal power, except one party has one-way foggy wall. Imagine the very best ways to use it. Imagine how you would defend against it.
If your goal is to support ranged attackers
Use greater invisibility. You can only use it for one creature, and it requires concentration, and truesight defeats it, and its 4th level, but it partially accomplishes your goal.
Improved greater invisibility
Greater invisibility can't be upcast, although invisibility can be. We don't know why it can't be upcast, but it is easy to see how powerful that would be.
Imagine an improved greater invisibility that can be upcast. Even at one additional creature per level, that is still pretty powerful. Maybe you can get your DM to sign off on this one. I'm not sure I would, though. Maybe if it were also 5th level. Even then, I'd want to playtest it.