According to a recent WalletHub study, the Scottsdale real estate market is one of the healthiest housing markets in the United States. The study, which compared 300 cities, took into account 14 relevant metrics including the average number of days on the market, foreclosure rate, home price as a percentage of income, and unemployment rate.
The cities were categorized based on populations and divided between large cities (more than 300,000 people), midsize cities (150,000 to 300,000 people), and small cities (fewer than 150,000). Scottsdale ranked 36 among midsize cities, ahead of Reno, Des Moines, Baton Rouge, and Glendale, Ariz. at no. 55.
Overall, eight Phoenix-area cities hit the top 50 market. Gilbert came in at no. 11 in the midsize city list, Chandler at no. 22, and Tempe no. 28. Among large U.S. cities, Mesa ranked no. 40 and Phoenix was no. 46. On the list of smaller cities, Surprise ranked no. 88, and Yuma was no. 123.
Tucson made the list, too. The Southern Arizona metropolitan area ranked no. 49 on the list of large cities.
August housing statistics for Scottsdale support the WalletHub study. According to the Cromford Report, Scottsdale’s market index rose 9 percent last month and remains favorable to sellers.
What does this mean for you? If you’re considering selling your home, now is a great time to put it on the market, especially since the supply of active listings in Scottsdale has been declining.
There’s a bit of good news if you’re looking to buy a home instead. Housing prices have remained flat throughout the Valley at approximately $220,000 for the last four months. So although, it may take longer to find the right home, prices are holding steady.
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