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The average sold price per square foot in Scottsdale has now increased or remained the same in 24 out of the last 29 months. Homes in Scottsdale receive 1 offers on average and sell in around 54 days. The average sale price of a home in Scottsdale was $840K last month, up 18.3% since last year. The average sale price per square foot in Scottsdale is $390, up 10.3% since last year. Its stabilized real estate market won’t offer skyrocketing property valuations or equally shocking rental rates, but that makes it a good choice for investors seeking solid, steady returns.
It is surprisingly only a third of the residents rent, though this is somewhat higher than the 20 percent average for the area. Conversely, the high-paying jobs in the area are one reason many people move here, generating demand for rental properties by new residents. Investing in Scottsdale real estate will fetch you good returns in the long term as the home prices in Scottsdale have been trending up year-over-year. Let’s take a look at the number of positive things going on in the Scottsdale real estate market which can help investors who are keen to buy an investment property in this city. A cost of living calculator helps you to assess how much you will need to make in order to live comfortably in a specific city.
Scottsdale Housing Market
The data relating to real estate listings on this website comes in part from the Internet Data Exchange program of Multiple Listing Service of Southern Arizona. Listings provided by brokerages other than Redfin are identified with the MLSSAZ IDX Logo. Florida, Texas, and Arizona are the three states with the most rapid population increases. As the population is expected to rise yet there are only a few available homes on the market.
I hope that you will put my experience, knowledge, service and professionalism to work for you. Compared to only Arizona, Scottsdale has a cost of living index that's 1.3x higher than Arizona's index of 97. The median home price in Scottsdale is $795,000 with a median price per sqft of $364. 74% of Phoenix homebuyers searched to stay within the Phoenix metropolitan area. Los Angeles homebuyers searched to move into Phoenix more than any other metro followed by Seattle and Tucson. Across the nation, 3% of homebuyers searched to move into Phoenix from outside metros.
Days to close
The minimum wage in Arizona is $12.00/hr and the Average Renter Wage is $17.46. Cost-burdened is defined as spending more than 30% of one’s monthly income on housing and utilities. In some cases, more than 50% of households are paying 30% or more of their income on housing costs, while less than 29% of renting households are housing cost-burdened in the north.
Receive email alert as soon as a Scottsdale property matching your criteria hits the market. Simply type in everything you want in a house and save your search here to be notified. It’s a place to connect with a local agent, explore financing solutions, schedule home tours, understand your buying and selling power, and more. Zillow's metrics aim to inform and support the decision-making process with relevant market data by measuring monthly market changes across various geographies and housing types. Storm risk estimates how much climate change increases the chances of extreme precipitation, when a lot of rain or snow falls in a short time, including thunderstorms, snowstorms, and tropical cyclones. Heat risk estimates how much climate change might increase the typical number of hot days in a year and the likelihood of extreme heat and heatwaves.
Phoenix Housing Market Trends
Arizona is landlord-friendly compared to neighboring states like Nevada and California. What makes it notable is that it is becoming more landlord-friendly. For example, the city is passing laws that make it easier for landlords to enter units to make repairs. The state is making it easier to discard abandoned personal property and limiting appeals by those going through eviction.
Detailed information about real estate listings held by brokerage firms other than Real Estate include the name of the listing broker. Neither the listing company nor Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision.
However, affordability in the Scottsdale real estate market is relative. The median wage is 73,000 but the median home price is approaching 400,000 dollars a year. This means many cannot afford to own a home though they may want to. You can rent out both the main house and accessory dwelling unit on the same property. And state law doesn’t give cities the ability to apply new regulations that essentially ban short-term rentals.
It takes into account various expenses that you will make in your daily lives (on housing, food, utilities, transportation, entertainment, etc.) and helps you determine a livable salary. Scottsdale is part of Phoenix-Mesa-Scottsdale Metro metro area, which is ranked 160 out of 273 cities across the US in terms of cost of living. According to C2ER , the cost of living in Scottsdale is estimated to be 92.1% of the national average making it an average US city.
As of June 22, 2022, the average rent for a 1-bedroom apartment in Scottsdale, AZ is currently $1,819. Over the past month, the average rent for a studio apartment in Scottsdale increased by 6% to $1,714. The average rent for a 1-bedroom apartment increased by 1% to $1,819, and the average rent for a 2-bedroom apartment decreased by -8% to $2,237. The predominate size of homes in the city based on the number of bedrooms. Homes include single family houses as well as apartment and condominium units. Neighborhood appreciation rate data are based on transactions involving conforming, conventional mortgages.
Note that your household composition and home ownership status (renting vs. owning) might affect your monthly expenses. Can sell for about 1% below list price and go pending in around 27 days. This also raises a bit of a concern that in Arizona wages are not keeping up with the rising costs of housing. When prices go up, some buyers can no longer afford to buy and drop out.
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