In Scottsdale and throughout the Phoenix metropolitan area, the housing market is strong. Recent predictions from Realtor.com indicate that home sales in the area will increase 11.4% in 2021 while housing costs will increase 7%. Below, we’re discussing Scottsdale’s current housing market conditions for summer 2021 and providing information for those looking to jump in while the market is hot.
- The median listing price is $749,000
- The median price per square foot is $341
- More than 3,100 homes are listed for sale
- The median days on market throughout Maricopa County was 37 as of May 2021
Source: Maricopa County, AZ Real Estate Market | Realtor.com
Scottsdale Housing Market: Current State and Predictions
In Scottsdale, homes are selling for higher costs than ever before. As of May 2021, the sale-to-list price ratio in the city was 100%, meaning that homes sold during that month consistently sold for the asking price. Neighborhoods such as Indian Bend, Monterey Arcadia and Via Linda Corridor have the highest number of homes on the market while in Desert Mountain and DC Ranch, median asking prices are the highest in the city at $1.8 million.
The housing demand in Scottsdale doesn’t seem to be wavering and predictions point to continued growth in the coming months. According to Realtor.com, the average time houses in Scottsdale sat on the market was 40 days as of May 2021, which was down from 41 the month before and down from 66 in May of 2020.
Why Is Scottsdale’s Housing Market So Hot?
Scottsdale has seen consistent growth since 2020. Once a destination for Canadians and Northern Americans looking to escape frigid winter temperatures, the city now grows at a rate of 1.37% each year — since 2010, the city’s population has grown 22.02%. The city has highly-rated schools, a comfortable year-round climate and a reliable job market, all of which attract new residents to the city and in a lot of cases, keeps them there.
As the population of the city continues to grow, demand for housing grows along with it. As it stands, Scottsdale has more people looking to buy homes than what’s available on the market and as such, Scottsdale is a seller’s market for the time being.
Find the Right Mortgage Options to Fund Your Scottsdale Real Estate Investment
If you’re looking to jump into Scottsdale’s hot housing market, it’s important to have the right financial plan in place. OneTrust Home Loans Potempa Team can help you understand your mortgage options and when the time is right, our experienced mortgage experts can work with you to secure funding for your home. Contact The Potempa Team today and let us help you secure your dream home in Scottsdale, Arizona.