Quick Video Update of the Scottsdale Real Estate Market

– August 2024 Scottsdale Housing Market Video –

Here is a quick video overview of the Scottsdale, Arizona single-family home real estate market that covers the month of August.

August 2024 – Video

Scottsdale Active Listings

The number of homes on the market edged up slightly in August, after several months of decreasing inventory.

We see a much larger swing when we compare August 2024 to August 2023. The number of homes for sale was up by 19.6% year-over-year.

Average List Price for Scottsdale Homes

Scottsdale average list price August 2024

I used to use median listing price data, but I no longer have accurate access to that information. Instead, I will track average listing prices. (Technically, the median price is a better indicator since the average price can skew one way or the other due to extremely low or extremely high list prices, but this will still give you a decent idea of the prices of homes in Scottsdale.)

Home prices have been on the decline for a bit now, which is good for buyers. In August, the average listing price was just over $2.1 million. This is down almost 5.0% from last month.

Comparing this month’s average list price with August 2023, there was a 2.7% decrease.

Days on Market

Days on Market, (also referred to as DOM,) is a straightforward tool to give a quick assessment of the market by measuring how long it is taking homes to sell. For example, when you see a higher DOM, you know that the market is moving a little more slowly.

Days on Market in August came in at 82. This is down 3.7% compared to July, but up 9.8% when you compare it to last August.

Average Sales Price for Scottsdale Homes

Scottsdale average sales price August 2024

Now we will take a look at average sale prices in Scottsdale. In August, this figure was just over $1.43 million.

The average sales price in August was 10.7% lower than in July. But there was a 5.0% increase in price year-over-year.

Number of Homes Sold

Homes sold will close out the report. There was a 9.6% decrease in home sales when you compare August with July. And if you compare this information on a year-over-year basis, home sales in Scottsdale were down 14.8%.

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel.

Interested in other stats for our market? Visit our Real Estate Market Update page.