Scottsdale Housing Market 2022: Prices, Trends & Forecast

Scottsdale is one of the area’s largest suburbs, next to Pheonix. It remains a popular destination for retirees to move to and for real estate investors. The local tourist attractions and peaceful scenery make it a desirable location for many people. Learn everything you need to know about the Scottsdale housing market prices, trends, and forecasts here.

Scottsdale Housing Market Prices

The Scottsdale housing market has seen many of the same pricing trends that housing markets nationwide show. Although the supply is slowly increasing, housing prices are also increasing.

According to Redfin data, the median price of houses on the Scottsdale housing market is $794,000. That’s a price increase of almost 13% year over year. Keep in mind that this is for all housing types.

The median price for single-family houses is significantly higher at $950,000. This is an increase of 11.4% year over year.

Townhouses are cheaper, with a median price of $575,000. Housing in this category has seen an increase in the price of 7.5% year over year.

Condos and co-ops are the cheapest housing category in the Scottsdale housing market. The median price for this category is $390,000, an increase of 13.4% year over year.

Fewer homes are selling at or above the list price than last year. Approximately 40% of homes sold on the Scottsdale market had price drops when they sold. This number continues to increase, according to Movoto. 

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Scottsdale Housing Market Trends

The number of homes sold was approximately 480 in all housing categories. That was an approximate decrease of 33% in all houses sold in the Scottsdale housing market. Houses spend an average of 47 days on the market, which is an increase of 13 days year over year.

Single-family homes remain the most popular homes on the market. Over 300 homes sold in the Scottsdale housing market fell in this category. However, that is a decrease of almost 33% in home sales compared to last year. Single-family homes spend an average of 48 days on the market, which is 13 more days than they spent on the market last year.

Townhouses follow the same trend. A little over 70 of the homes sold fell into this category, for a decrease in sales of almost 31% yearly. Townhouses spent approximately 44 days on the market, an increase of 9 days compared to last year.

Although condos and co-ops are the cheapest housing type on the market, they follow the same market trends as the other housing categories. Only 97 houses sold were in this category, which was a 36.6% decrease year over year. Condos and co-ops spent a median number of 45 days on the market, an increase of 16 days compared to last year.

Nationwide, approximately 3% of homebuyers searched to move into the Scottsdale area. It is one of the most popular metro areas for those fleeing Los Angeles to move to, alongside Tucson and Seattle.

Since last year, Scottsdale has remained a seller’s market, but it’s working towards a neutral market.

According to Realtor.com, the Scottsdale housing market has returned to normal, almost. The news article declares that supply has yet to return to normal, pre-pandemic levels, but that doesn’t mean buyers are out of luck. Now, buyers have room to negotiate and can shop around for houses, which explains why many houses in the area are spending more time on the market.

The housing supply tends to waver a lot in Scottsdale. Scottsdale remains a popular housing destination for many people. This results in the housing supply going up. Then, prices go down, and people buy more houses, leading to a lower housing supply. This is common in the housing market.

Scottsdale Housing Market Forecast

The Scottsdale housing market will continue to correct itself as the year progresses. Although prices continue to rise, sellers are finding it more challenging to get top dollar from their homes, as indicated by the homes selling with price drops. This trend will continue as the market continues to become more balanced.

The housing supply will continue to increase as the market slowly works towards a neutral market. Homeowners attempting to sell their houses are already seeing this as houses spend a more extended period on the market. This is another trend that will continue.

The supply increases slowly as homeowners continue to drop prices to sell their homes.

These trends will continue until it becomes a more balanced market for both buyers and sellers.

Sellers capitalizing on high prices need to sell their homes sooner instead of later if they want to make the most profit. Need to sell your home fast? Find a cash buyer here!

Buyers can head back to the housing market and negotiate housing prices now that the market is fairer.

Real estate investors can capitalize on the price drops by picking up homes in this desirable location. Scottsdale is a prime location for investments and will not change anytime soon.

In Conclusion

Scottsdale is reminding people what a balanced housing market looks like. Even though prices continue to increase, homeowners are forced to drop them to fair prices to sell their homes. Buyers enjoy being able to shop around instead of feeling pressured to grab houses as soon as they are listed. They are also enjoying being able to negotiate more.

Check out the Mesa housing market or the Dallas housing market for more real estate information.