Scottsdale AZ Housing Market Prices and Outlook for 2023

Scottsdale AZ Housing Market Prices and Outlook for 2023


The Scottsdale area is one of the most popular destinations in the United States. Situated in the heart of the desert, Scottsdale offers visitors a chance to experience the natural beauty of the Sonoran Desert. In addition, Scottsdale is home to over 200 golf courses, many world-renowned, and a vibrant arts and culture scene. With so many drawn to enjoy the outdoors or explore the city's many different attractions, Scottsdale's housing market is worth consideration.
 
If you're considering buying or selling a home in Scottsdale next year, now is the time to research! In this blog post, we'll look at the historical housing market trends in Scottsdale and make predictions for what's to come in 2023.

Market trend history

Let's look at the most recent trends in the Scottsdale housing market. What can we learn from examining this data? What do the numbers tell us about the current state of the Scottsdale housing market? Here’s what’s been going down in Scottsdale.

Single-family

For single-family Scottsdale luxury real estate, the market currently favors sellers. The median list price was about $1.1 million in November 2022, and inventory was significantly higher than in November 2021. Tellingly, homes are spending less than a month on the market — the lowest rate so far in 2022.
 
In Scottsdale, the past five years saw median list prices peak in 2020, ascend to new heights in 2021, and regress to the mean in 2022. As for the number of homes for sale per month, the inventory of Scottsdale homes has recovered in 2022, though fewer than a thousand homes were listed as available in November.

Condos and townhomes

As for condos and townhomes, the median list price trended upward from 2017 through April 2022, only to fall to $450,000 in November 2022 (the lowest total since December 2020). As for the number of townhomes and Scottsdale condos for sale, the monthly inventory has entered the winter doldrums. However, condos and townhomes are spending less than a month on the market, suggesting that buyers wait for good deals or specific properties to become available.

Outlook for 2023

For buyers

Based on the market trends for single-family homes, it is likely that the median list price will remain above $1 million for much of 2023 (August 2020 was the last month when median list prices failed to approach the $1 million mark). And with the significant inventory increase in 2022, buyers should expect more choices in 2023.
 
For those looking to purchase a condo or townhome, the past five years have shown us prices tend to increase from October through February, then again from April through the summer months. Therefore, your agent might advise you to buy in March or early fall. The improvement in inventory seen in 2022 is expected to continue in 2023, so buyers interested in Scottsdale condos for sale or other luxury real estate should be able to find a great deal.
 
To prepare to buy a home in 2023, buyers should begin to gather their financial documents and get pre-approved for a loan. Working with an experienced Scottsdale real estate agent like those with Gioia Property Partners is also helpful in finding the perfect property and quickly getting into the new home.

For sellers

For single-family properties, the current relative stability in list price bodes well for sellers in 2023. With a more extensive inventory expected to become available, sellers may need to compete more on price and amenities compared to the seller’s market of the past few years. Luxury sellers should also note that the large spikes in median list price seen in 2020 through 2021 are still not out of the question, as the market is still quite volatile. Work with an experienced realtor who can provide a comparative market analysis to help you price your property correctly.
 
Based on condo and townhome market trends, the months to expect the best return on investment are April through June and October through February, so if you want to list high, plan for these months. While there is likely to be more inventory to compete within 2023, there are things you can do to improve your chances of selling quickly and earning top dollar.
 
To improve the likelihood of selling fast and for the most money, sellers should consider making repairs and upgrades to their property before listing. Doing a deep clean, painting walls, and sprucing up the landscaping can positively impact potential buyers. Finally, it’s essential to partner with an experienced luxury real estate agent like those at Gioia Property Partners, who will expertly market your property and negotiate the best deal.
 
The Scottsdale housing market is rising, with prices increasing for single-family homes and townhomes/condos. Still, inventory levels are slowly recovering, which should provide more choices for buyers in the coming year. Sellers can expect to sell their homes relatively quickly as long as they price them correctly but should be aware of large fluctuations in median list prices that may occur.
 
It is important to work with a realtor who understands these trends and knows how to best position your property in order to get top dollar. Whether you're looking for a condo or a luxury estate, Gioia Property Partners can help you find the perfect property. Contact them today to get started!

*Header photo courtesy of Shutterstock



Work With Christine

With unparalleled industry knowledge, experience, and local expertise, I'm the Phoenix, AZ Real Estate expert you've been looking for.

Follow Christine on Instagram