Scottsdale Real Estate Soars with Average Values Hitting $1.3M in April 2024

Scottsdale, Arizona’s robust real estate market demonstrates an impressive growth in property values and average sale prices.

authorWritten by Manuel MartinezMay 17, 2024

Scottsdale, AZ: A Real Estate Market Overview

In recent months, Scottsdale has witnessed a increase in property values and average sale prices per square foot. Average house values were $1,298,000 at the end of last month, a surge from the $1,100,000 back in December 2023. Similarly, per-square-foot values increased from $426 to $510 during the same period.

Here is a year-over-year view of the market

May 2023 April 2024 Change
Median Listing Price $1M $857.7K -18.03%
Median Sold Price $818.4K $857.7K 4.79%
Homes For Sale 961 90 -90.63%
Homes Sold 5,799 5,491 -5.31%

Sale prices reflect a parallel uptick, growing from an average of $814,000 in December 2023 to nearly $858,000 by April 2024. Despite these figures, sold homes dropped from 5,621 to 5,491. Availability of properties has moved up and down: peaking at 865 in August 2023 and plummeting to a mere 60 by January this year.

Comparative Analysis With Surrounding Cities

Taking a look at the surrounding cities, Rio Verde, also saw an upswing in average values from $929,000 in April 2024 to $1,149,500 in March 2024, before descending to $859,000 in February. The average sold price per square foot has also fluctuated; Rio Verde declined from $378 in April 2024 to $305 in March, while numbers in Carefree (a town with an interesting history) increased from $411 to $406 during the same period.

Rio Verde and Carefree registered single-digit sale counts during certain months, a stark contrast to Scottsdale’s vibrant market activities.

Scottsdale Real Estate In Focus: April 2024

As of April 2024, average property values sat at $1,298,000 and an average sale price nearing $858,000. The sale price per square foot stands at an $416, although the current number of homes for sale available to local buyer suggests a more constrained selection for potential buyers, as there are a mere 90 listings at the time of writing this report.

Rio Verde’s average value at $929,000 with a per square foot value of $422, with a notably higher sale price of $905,000, hints at a sellers’ market due (only 4 homes for sale right now). Carefree, with an average value of $995,000 and a per square foot value of $385, resonates with the market strength seen in Scottsdale, with 100 properties listed for sale.

Fountain Hills and Cave Creek show contrasting pictures; a more approachable average value of $592,000 in Fountain Hills contrasts with the higher average value of $1,295,000 in Cave Creek. The sale prices in these areas, $700,000 in Fountain Hills compared to $787,000 in Cave Creek, underscore the range in regional real estate prices.

Paradise Valley stands out among its peers with a towering average value of $5,425,000 and a per square foot value of $802, accompanied by a solid sale price of $2,995,000. With a property count of 12 and a property sale count of 353, this city projects a highly exclusive and lucrative market segment.

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