Prescott, Arizona, is home to the state's oldest restaurant and bar, The Palace. The city is filled with quirks and history that make it an attractive place to live.
Because of its rich history, Prescott is a more expensive market in the state and home to many retirees. If you have a Prescott property that you are considering selling for a major profit, there are things you should know first.
Keep reading to learn about the latest real estate trends.
The Current Arizona Housing Market
Arizona has seen a decrease in home value over the last year which can affect how much sellers make on their real estate transactions. The average home value is just over $400,000 in the state.
Because homes are less valuable, they spend less time on the market. Buyers pounce on low-valued homes to get a bigger bang for their buck. This is especially true in a market like Prescott where many properties are luxury homes.
Arizona Housing Market Predictions
From past housing trends, we can get a good idea of how the Arizona housing market will fluctuate in 2024. Although there are likely to be some changes, the overall trends are positive.
Housing market forecast experts predict that home values will start to increase after being down 6%. This suggests stability in the market and possible property appreciation.
Prescott, Arizona, resides in Yavapai County, one of the most expensive counties in the state. The median listing price is around $630,000 for homes. This is the second most expensive county behind Coconino County.
Prescott Rental Market
In Yavapai County, there are less than 300 units available for rent. Prescott, Arizona is more of an owner's market than a renter's market, but there is room for renters and landlords to thrive.
The National Low Income Housing Coalition (NLIHC) reports that rental prices in the state have become out of reach for low-income residents. Wages are not keeping pace with rising home prices and other real estate trends.
This could cause a dilemma for someone looking to sell their home. If you can't find a qualified buyer who can afford the area, consider renting out your home instead.
While rent prices are high too, it's sometimes more reasonable for someone to rent a home than buy one. Consider offering a rent-to-buy option as well to gain more property traction.
A property management company can help you conduct a real estate analysis to see how much you can make from your home. If you aren't well-versed in real estate investing but want to earn passive income, this is one way to go.
Real Estate Trends to Know in Prescott
The latest real estate trends show that home values are increasing which could make it difficult to sell a home. Instead, consider renting out your Prescott home and pocketing the passive income.
If you've never been a landlord, PMI Northern Arizona is here to help! Our licensed professionals have years of experience in real estate and property management.
In an ever-changing housing market, you can count on us to have your best interests in mind. Get a free rental analysis now to see how much you can make from your home.
