Scottsdale Market Report
Welcome to the October 2022 Scottsdale, Arizona Market Report. Scottsdale is considered to be in the East Valley and has a population of 242,753. The average home price in the month of October for Scottsdale was $1,045,915, up $68,506 from the previous month of September. The average lease price per square foot in Scottsdale listed on the MLS was $1.91 in October, down from $1.93 in September, showing that rent prices are holding firm and have yet to significantly decline in the Scottsdale area.
The total number of Scottsdale homes sold in October was 437, down only 6 sales from 443 in September. Scottsdale is proving once again that it is a trendsetter. We can expect, though, to see these sales drop in November, which is in line with the rest of the valley and the time of year.
It took homes in Scottsdale an average of 58 days to go under contract in October, which is 9 days longer than it took in September, at 49 days. As you can see from the chart, Scottsdale has stayed relatively consistent from January 2021 through July 2022. August is really when we see the trend shifting upward, as it is a common theme throughout the valley.
Scottsdale is in line with the rest of the valley and has joined the Buyer’s Market Club. With a $1.045M average sales price, Scottsdale, Arizona, is ranked among the higher tier and the second most expensive city in the Phoenix Metro, behind Paradise Valley. This lines up with historical trends while considering Scottsdale’s prime location.