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They could do a little better on crime, but there are areas in Phoenix real estate market that are far worse. ZHVI represents the whole housing stock and not just the homes that list or sell in a given month. The supply is exceeding the demand, giving purchasers an advantage over sellers in price negotiations.
Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood. One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Scottsdale differ in their investment potential, sometimes by a great deal. Appreciation rates are so strong in Scottsdale that despite a nationwide downturn in the housing market, Scottsdale real estate has continued to appreciate in value faster than most communities. Based on the last twelve months, short-term real estate investors have found good fortune in Scottsdale.
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Check out HomeLight’s Quarterly Top Agent Insights report, a national survey of over 500 top real estate agents. Hear what agents are saying across the country and make smarter decisions when buying or selling a home. The average homes sell for about 2% below list price and go pending in around 50 days. The average homes sell for about 3% below list price and go pending in around 51 days. The average homes sell for about 4% below list price and go pending in around 54 days. In November 2022, Scottsdale home prices were up 17.3% compared to last year, selling for a median price of $833K.
We saw about 8.0% increased in the number of single family homes sold in 2020 compared to a year ago. The statistics show that we had 5,871 single family homes sold in 2020 in Scottsdale AZ compared to 5,438 in 2019. The cost of living index for housing estimates the cost of housing in Scottsdale to be 84.5% of the national average. Housing is generally the biggest monthly cost that you would need to account for.
Detailed Scottsdale Groceries Costs Vs. Arizona
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.
Prescott Valley was the most popular destination among Scottsdale homebuyers followed by Show Low and Flagstaff. Find out the number of homebuyers searching to move in and out of Scottsdale, plus the top relocation destinations.
Scottsdale, AZ Rental Market Trends
Find out the number of homebuyers searching to move in and out of Phoenix, plus the top relocation destinations. 39,494 or 33% of the households in Scottsdale, AZ are renter-occupied while 78,480 or 67% are owner-occupied. Houses in Scottsdale, AZ rent between $995 - $40,000 with a median rent of $3,199. We created a seamless online experience for you - from shopping on the largest rental network, to applying, to paying rent. Housing market information is provided by Altos Research, Inc. based on analysis of all active market properties for sale in the US in the preceding week.
Ironically, the high per capita income of 54K per person, twice the state average, drives up rents and housing prices. A city in a large metropolitan area is competing with every other city for residents. If the city is poorly managed or simply deteriorates, they’ll lose residents who only have to move a few miles to get away from it. In this regard, Scottsdale real estate investment is a wise choice because the city stands out in terms of quality of life. We’ll ignore the golf courses and focus instead on A-rated public schools and family-friendly amenities.
Scottsdale Appreciation Rates
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.
NeighborhoodScout reveals the home appreciation rates for every city, town, and even most neighborhoods in America. 2020 median sold price for single family home in Scottsdale AZ is $700,000. The median sold price for single family home in Scottsdale has increased about 16.6% from a year ago.
This trend is likely to continue for the foreseeable future unless inventory grows faster than demand or rising interest rates completely dampens the demand to that extent. The Scottsdale real estate market is certain to experience appreciation for the same reason the local quality of life is so good – it is nearly surrounded by parks. Homes with views and access to the national parks command a premium. This means the newest development will require redevelopment, increasing the cost of such properties and the value of existing housing stock.
Find a top agent with a proven track record of selling homes faster than their peers or who can help you find your dream home, no matter how quickly their market moves. The latest migration analysis is based on a sample of about two million Redfin.com users who searched for homes across more than 100 metro areas. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a three month period. The average rent for a 1-bedroom apartment in Scottsdale, AZ is currently $400, a 94% decrease compared to the previous year. The average rent for a 3-bedroom apartment in Scottsdale, AZ is currently $2,995, a 25% decrease compared to the previous year. The average rent for a 2-bedroom apartment in Scottsdale, AZ is currently $2,237, a 10% decrease compared to the previous year.
There were 787 homes sold in May this year, down from 1,037 last year. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor. Arizona - also known as the Copper State and home to the Grand Canyon - is not a very densely populated state, but some cities, like Scottsdale, are growing fast. In fact, Maricopa County ranks first among the states with the highest population growth. If the US has a population density of 92.6 residents per square mile, according to Statista, Arizona only has 63 residents per square mile.
2020 Scottsdale AZ Housing Market Trends Report, Statistics and House Value. Average sold price for Single Family Home in Scottsdale is $924,116 and had appreciated about 18.7% from 2019. Almost all of single family home sold in Scottsdale in 2020 are regular sales. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. The cost of living index is set to 100 for the average place in America. An index above 100 means Scottsdale is expensive, while a number below 100 means it's a relatively cheap place to live.
More Real Estate Resources for Phoenix
Rent in Scottsdale is also 40% higher than in Phoenix, but also the median household income in Scottsdale is a lot higher than in Phoenix. According to the US Census, the median income in Phoenix, AZ was $52,080 in 2017, while the median income in Scottsdale, AZ was 54% more - $80,306. But what might drive home prices high is the fact that it is located near the richest city in Arizona - Paradise Valley - an affluent town inhabited by 13,833 people, according to areavibescom. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property. His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate. He’s also the host of the top-rated podcast – Passive Real Estate Investing.
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