Study the current and previous markets of Flagstaff and Northern AZ.
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2023 Flagstaff & Northern AZ Housing Market Review
Legendary and often volatile, Flagstaff and Northern AZ faced an odd year of fluctuations. Read to see how 2023's housing market played out with increasing interest rates, fear of recession, and continued high demand but lack of supply still proved historic levels in the median sales price.
Flagstaff's Luxury Market benchmark price is $975,000. Flagstaff's Luxury Market is "Balanced" meaning the supply and inventory are within an equal range. For December, the majority of them sold with a median sales price of $1,168,870, had 4 bedrooms, 4 bathrooms, and the square footage was 2500 to 2999. The most active price band comprising of 63% of sales was $1.10M to 1.19M. The year over years median sales price rose 9% to $1.26M. Homes sat on the market over twice as long at an average of 116 days, but seller's obtained 99.83% of their asking price. Total sales went up by one with 14 vs 13 homes in DEC 2022. Read the full report here.
"Unapologetically Resilient"~ stated as the best way to summarize 2023's Luxury Market. Read the report here to find out how inflation, rising interest rates, and lack of supply still allowed for an overall 3% increase in the median sales price across the board for all types of homes year over year.
Read why luxury buyers are searching for biophilic, passive, and sustainable & green architect and design as the top essential elements for having a home that creates an experience.
See all major luxury market cities of North America and how the compare and what we can expect and prepare for as we head into 2024 and years to come based on current trends and history.
Flagstaff's November Year Over Year Housing Market Data for Single Family Homes
Wondering what the market is doing lately?
Flagstaff Single Family Homes Median Sales Price is up by 6% (or by $40,000) compared to NOV 2021 with the median sales price ending this November at $660,000.
Inventory remains low at 3 months supply but with a 43% increase (65 more homes) in inventory while sales are down by 41% (35 less homes), and there are 23% fewer homes under contract; the lowest amount in over a year. Homes are also staying on the market over 2 weeks longer than last November.
View the full report with stats and graphs for how November 2022 compares to 2021. Click the link to view full report.
Get a quick review of how Flagstaff's Luxury Market is fairing and how it compares to the rest of North America's Luxury Market within these 2 reports below.
Making Sense of the Market in a Pandemic with Continued Record Sale Prices. Understand how the 9-year appreciating home values are affecting your neighborhood and options.
With record sales and record home prices, 2020 was up 15% in the Annual Median Sales Price compared to 2019 for Flagstaff Single Family Homes. Find out how the Game of Supply and Demand played out last year, and whether Buyer or Seller, read on to find out how to prepare and strategize for 2021's anticipated year. .
Be knowledgeable and educated on the Flagstaff and northern AZ housing market with a review of the previous and most recent stats, graphs, and information!