Scottsdale Real Estate Peaks at $1.1M in 2023

Scottsdale, Arizona’s real estate market exhibits strong growth and investment potential, with average property values peaking at $1.1 million in December 2023

authorWritten by Manuel MartinezFeb 12, 2024

Scottsdale, Arizona, is nationally recognized for its real estate market. The market’s dynamism is fueled by a combination of factors ranging from the city’s picturesque landscape to its burgeoning local economy. In assessing the data provided for the period November 2022 to December 2023, several key trends emerge which underscore the investment potential of Scottsdale’s property market.

Interestingly, the highest average value of properties in Scottsdale peaked at $1,100,000 in December 2023. This peak corresponded with an average sold price of $815,632, an impressive return on investment for savvy property investors. Similarly noteworthy is the fact that the lowest average value for properties in Scottsdale became evident in November 2022, clocking in at $937,200. Despite this low, the corresponding average sold price was still remarkably high at $857,670, further demonstrating the market’s resilience and potential for profit.

Scottsdale home prices 2023
Scottsdale home prices 2023

A unique trend in Scottsdale’s property market is the evolution of the average sold price per square foot. This key metric reached its apex in December 2022 at $426 per sq. ft. before experiencing a gradual dip until September 2023. From then onwards, the price per square foot witnessed an increase again, signifying market recovery.

The volume of property sales in Scottsdale also showcased market vibrancy. The highest number of properties sold was recorded in August 2023, with a total of 6,528 properties, signifying a hot summer market. In contrast, December 2023 marked the lowest sales volume with 5,621 properties sold, possibly due to the holiday season when buying activity typically slows down.

Property Market Trends in Nearby Cities

The real estate landscapes of nearby cities Rio Verde, Carefree, Fountain Hills, Cave Creek, and Paradise Valley, also display compelling patterns.

Rio Verde’s property market reached its zenith in July 2023 with an average value of $985,000 and an average sold price of $800,009. While Carefree’s real estate market had its peak average property value at a whopping $2,204,500 in September 2023, paired with an average sold price of $1,037,441.

Fountain Hills saw its highest average property value in September 2023 at $1,094,500. The dichotomy here is that this peak coincided with the city’s lowest average sold price of $650,309, suggesting some buyer-seller negotiation. Cave Creek peaked in September 2023 too, with its highest average value of $1,039,500 and an average sold price of $826,304.

Paradise Valley stood out for having significantly higher property values, attaining a breathtaking average value of $8,137,500 in September 2023, and recording the highest average sold price of $2,992,772 in December 2023.

General Observations from the Data

Diving through the data reveals intriguing disparities in property values and sold prices per square foot across different months and cities. It appears Paradise Valley consistently shows the highest property values and sold prices per square foot, suggesting it to be a more affluent area. Scottsdale shows a fluctuation in property values and sold prices, with a growing trend of the sold price per square foot over time.

Interestingly, the number of properties sold does not directly correlate with the property’s average value or sold prices. This indicates that other factors, potentially including location appeal or local market sentiment, may be influencing sales volume.

The real estate market in Scottsdale and the surrounding cities is a testament to the complexity and dynamism of property markets. These revelations are grounded in median values that highlight central market leanings but do not present the full spectrum of property values. Exploring these nuanced trends provides invaluable insights for potential investors, homeowners, and real estate enthusiasts.

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