Scottsdale Real Estate Market Update

With a year-over-year gain of 27.6% and a median listing price of $1.1 million, the Scottsdale real estate market is expanding rapidly. Homes usually sell for 2.73% less than the asking price, but purchasers must move quickly because demand is still high and inventory is short. With an average of 72 days on the market, Scottsdale presents good conditions for both buyers and sellers. The city is appealing because of its many housing alternatives, lively culture, and pleasant climate.

Key Metrics:

• The average cost per square foot of a listed home is $451.

• Ratio of sale to list price: 97.27%

• 72 days is the median days on market.

Scottsdale's average property value has increased by 2.6% to $789,920.

• Properties will fall into foreclosure in about thirty-six days.

• Even with the high level of competition, there were 469 new listings in December 2023 out of 1,885 total properties for sale.

• One indication of a balanced market is the median sale to list ratio.

• As of December 31, 2023, there is no indication of an imminent market collapse, with an 11.0% proportion of sales over list price and a 72.8% percentage of sales below list price.

For the foreseeable future, the Scottsdale real estate market seems to be steady and favorable for both buyers and sellers.