Scottsdale 2021 Real Estate Market Appreciation & Housing Market Trends
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Scottsdale's housing market also has large apartment complexes and multi-family homes. The Scottsdale housing market is dealing with high demand and low supply. Sellers are well aware that they can command a premium for their homes because demand is the craziest it's ever been. According to local Realtors, the Scottsdale housing market has joined the list of popular destinations. Residents are migrating from California, Colorado, and Illinois, and inventory simply cannot keep up. As is the case throughout the country, home builders in Scottsdale are struggling to keep up with demand, hampered by the high cost of lumber and other building materials.
The rest of the city’s regulations make the Scottsdale real estate market friendly for renting out via sites like Airbnb. Scottsdale is also an emerging tech market, with companies GoDaddy, Yelp, Paypal, Indeed.com, and Paradigm Tech all opening offices downtown. This is a great town for businesses, including small businesses and entrepreneurs. The Scottsdale job market has consistently averaged an unemployment rate a full point lower than the state average and roughly half a point lower than the Phoenix metro area average. However, the relatively high property values mean much work here but live in other cities. Yet it contributes to a higher than expected rental rate in the Scottsdale housing market.
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Owner-occupied housing accounts for 66.07% of Scottsdale's homes, and 51.10% have either three or four bedrooms, which is average sized relative to America. According to the most recent data on the cost of living, Scottsdale has an overall cost of living index of 128 which is 1.3x higher than the national index of 100. The minimum salary you need to live in Scottsdale is the sum of your daily expenses , your monthly housing-related costs , any debt expenses , as well as your savings and investment goals.
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
Is Scottsdale going to be one of the hottest real estate markets for investors in 2022 & 2023? The bottom line here is that a stark imbalance between supply and demand continues to put upward pressure on AZ home prices. This partly accounts for the somewhat bold Arizona real estate market forecast for coming years. Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S. Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancings on the same properties.
If you are an investor, Scottsdale has a track record of being one of the best long-term real estate investments in the nation. Scottsdale is definitely one of the best cities to raise a family, too, and the housing market reflects this in the average cost of a home in Scottsdale Arizona. According to the Cromford Report, the gross living area of the homes for sale in Scottsdale was roughly 2,000 square feet. The prices, though, are double the ones in Phoenix, since the areaalso attracts many seniors in search of a retirement home.
Scottsdale, AZ Rental Market Trends
However, you see more people coming here on vacation to enjoy the 200 local golf courses, many of which are world-class. Others come to see the Major League Baseball teams in spring training in Scottsdale. Others stay in Scottsdale while watching teams practice in nearby Mesa. All of this explains why the city has the fourth-largest number of AAA four-diamond hotels in the United States. The nature of the tourist market, though, gives you the ability to rent out properties both nightly and for weeks at a time.
Flood risk in Phoenix is increasing slower than the national average. Safford, AZhome values are forecasted to rise2.8% between Aug 2022 to Aug 2023. Nogales, AZhome values are forecasted to rise3.2% between Aug 2022 to Aug 2023. Payson, AZhome values are forecasted to rise7.2% between Aug 2022 to Aug 2023. Show Low, AZhome values are forecasted to rise 7.8% between Aug 2022 to Aug 2023.
Scottsdale Appreciation Rates
The average rent in Scottsdale (located in Phoenix-Mesa-Scottsdale Metro) metro area for a 2-bed home is $1,245, which is 6% more than the average rent across the US. However, this average takes into account both metro and suburban areas. So, the costs may go up or down depending on which neighborhood you eventually decide to stay. The median household income in a city certainly helps gauge the cost of living. The median household income in Scottsdale is $88,213, which is 49% more than that of the state. The median income for an individual is $52,211, which is 61% more than that of the state.
Sierra Vista, AZhome values are forecasted to rise 2.6% between Aug 2022 to Aug 2023. Flagstaff, AZhome values are forecasted to rise 2.7% between Aug 2022 to Aug 2023. Lake Havasu City, AZhome values are forecasted to rise 4.4% between Aug 2022 to Aug 2023. Yuma, AZhome values are forecasted to rise4.6% between Aug 2022 to Aug 2023. Prescott Valley, AZhome values are forecasted to rise2.7% between Aug 2022 to Aug 2023.
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.
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.
Single-family detached homes are the single most common housing type in Scottsdale, accounting for 53.85% of the city's housing units. Average sold price for Scottsdale AZ single family homes in 2020 is $924,116. Compare to last year average sold price $778,337, the average sold price has appreciated about 18.7% from a year ago.
Are you planning a move to Scottsdale, AZ and wondering if it is an expensive place to live in? However, the persistent supply deficit is projected to “outweigh” this effect, guaranteeing that the AZ housing market will stay competitive long into 2023. From escalating inflation to the conflict in Ukraine, several elements might affect the economy in the future.
The average homes sell for about 4% below list price and go pending in around 46 days. The average homes sell for about 2% below list price and go pending in around 52 days. In November 2022, Phoenix home prices were down 0.0012% compared to last year, selling for a median price of $410K. On average, homes in Phoenix sell after 56 days on the market compared to 30 days last year. There were 1,228 homes sold in November this year, down from 2,235 last year. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
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