All the REALTORS® in Scottsdale are aware of the hot real estate market they are working in. With a median house price of $478,200, anything that comes on the market below this price sells really fast. Those who are willing to pay more than this for a house, expect to see anywhere between 30 and 40 houses, so real estate agents in Scottsdale have a lot of field work to do for the commission they receive.
Arizona - also known as the Copper State and home to the Grand Canyon - is not a very densely populated state, but some cities, like Scottsdale, are growing fast. In fact, Maricopa County ranks first among the states with the highest population growth. If the US has a population density of 92.6 residents per square mile, according to Statista, Arizona only has 63 residents per square mile. You may say that they enjoy more space, but you are wrong because 42% of the land is desert. Nevertheless, with its 5.1 million residents, Arizona is the 6th largest state and Scottsdale is the 6th largest city in Arizona. When it comes to housing, Arizona real estate agents and brokers are fewer today than at the end of the last economic recession. At the beginning of July, the Arizona Department of Real Estate had 59,364 active real estate agents and brokers. In case you were wondering what is the average cost of a home in Scottsdale Arizona, let’s compare it with its closest neighbor - Phoenix.
The most populated area is the center of the state, the Phoenix Metro area. It has a population of 1.6 million. Downtown Scottsdale is only 12 miles away, but the city covers a vast area - 184.4 square miles to be exact. It also faces a wave of migration from the Northeast and Midwest. About 40 million Americans move every year, relocating either within the same city or moving to warmer climates. The population of Phoenix-Mesa-Scottsdale area has seen a 13% increase between 2010 and 2017. Scottsdale is the place to experience the Old West. It bills itself as the West’s most Western town for a reason - it’s downtown is full of character and its location near the desert and the Camelback mountain really makes people pay more to live in this idyllic movie setup. That’s only one thing that pushes the average cost of a home in Scottsdale Arizona higher and higher.
However, it is the warm climate that draws people here. While there is no snow in the winter, temperatures jump above 100 degrees in the summer, especially in July and August. Thunderstorms and dust storms are the main natural threats, but heat waves may take their toll, too. The city of Scottsdale also attracts millions of tourists every year - 4.4 million in 2017 alone chose to have a day trip to this city either for shopping or for dining.
Scottsdale is definitely one of the best cities to raise a family, too, and the housing market reflects this in the average cost of a home in Scottsdale Arizona. Homebuyers are also looking for larger homes than ten years ago. According to the Cromford Report, the gross living area of the homes for sale in Scottsdale was roughly 2,000 square feet. The prices, though, are double the ones in Phoenix, since the area also attracts many seniors in search of a retirement home. For example, a studio that sells for $30,000 in Phoenix, will be listed as a $58,000 studio in Scottsdale. If condos sell for $35,000 in Phoenix, people looking for condos for sale in Scottsdale can find the cheapest ones listed at $65,000. A major drawback, though, could be the fact that the nearby schools are not so good. It is known that the best schools are in the North Scottsdale, where homes are not only larger, but also more expensive. For example, a house with a pool near BASIS Scottsdale costs $420,000. And once you move to Scottsdale you will immediately appreciate a house with an in-ground swimming pool where you can wind down after a hot day.
Rent in Scottsdale is also 40% higher than in Phoenix, but also the median household income in Scottsdale is a lot higher than in Phoenix. According to the US Census, the median income in Phoenix, AZ was $52,080 in 2017, while the median income in Scottsdale, AZ was 54% more - $80,306. Jobs are also aplenty in the city of Scottsdale. But what might drive home prices high is the fact that it is located near the richest city in Arizona - Paradise Valley - an affluent town inhabited by 13,833 people, according to areavibes[dot]com.
The average cost of a home in Scottsdale Arizona may be high, but you also have to take into consideration all the opportunities and benefits this area has to offer for all generations of home buyers. REALTORS® in Scottsdale are ready to help you find single family homes for sale in Scottsdale so don’t hesitate to contact them.