Is It A Good Time To Buy In Scottsdale, AZ?

Scottsdale, AZ is known for its luxurious lifestyle, beautiful landscape, and warm weather. It has always been a popular destination for retirees, second-home buyers, and investors. However, with the recent real estate market changes, many buyers are wondering if Scottsdale is still a good place to buy a property. In this blog, we will explore the current market conditions and answer the question, “Is it a good time to buy in Scottsdale, AZ?”

Market Update

The real estate market in Scottsdale, AZ is currently experiencing a strengthening trend. The median home value in Scottsdale is $638,000, and it has increased by 9.9% over the past year, according to Zillow. The market is expected to continue to grow by 5.8% in the upcoming year. With these numbers, it’s safe to say that Scottsdale is a seller’s market.

Low Inventory

One of the reasons why the market in Scottsdale, AZ is so strong is due to the low inventory levels. The number of homes for sale in Scottsdale has decreased by 37% compared to last year, making it a challenging market for buyers. With fewer homes to choose from, prices are rising, and buyers are having to act fast to secure the property they want.

High Demand Due to Population Growth

Scottsdale, AZ is a popular city with a growing population. The city has seen a population increase of 13.2% over the last ten years, according to the United States Census Bureau. This growth in population has created a high demand for housing, which is driving up prices. As more people move to Scottsdale, the demand for housing will continue to increase, making it a good investment opportunity for buyers.

Real Estate News

The real estate market in Scottsdale, AZ is not immune to the impacts of the COVID-19 pandemic. However, the market has proven to be resilient and has continued to grow despite the challenges. According to Arizona Regional Multiple Listing Service (ARMLS), the number of homes sold in Scottsdale has increased by 9.2% compared to last year, despite the pandemic.

Is It A Good Time To Buy In Scottsdale, AZ?

Despite the challenges in the market, Scottsdale, AZ is still a great place to buy a property. The city's growth and popularity show no signs of slowing down, and the demand for housing is high. However, buyers should be prepared to act fast and be flexible with their preferences to secure a property in this competitive market. It’s always recommended to work with a real estate professional who has local market knowledge and can help navigate the buying process.

In conclusion, the real estate market in Scottsdale, AZ is experiencing a strengthening trend due to low inventory and high demand. Although it’s a seller’s market, buyers should not be discouraged as Scottsdale is still an excellent place to invest. With the right strategy and guidance, buyers can find their dream home in this beautiful city.

Image courtesy of Tyrel Johnson