Home Values in Scottsdale: Market Trends and Tips
Are you curious about home values in Scottsdale’s competitive real estate market? Understanding your home’s value is key whether you’re thinking about selling or getting rid of PMI.
In this article, we’ll discuss the latest trends in home values in Scottsdale, explain how to get a reliable home value estimate, and provide tips to boost your home’s value. We’ll also highlight useful tools to help you maximize your home’s potential when it’s time to sell.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Scottsdale
Since 2020, the median home value in Scottsdale has shot up 41%. At the beginning of the decade, the typical home sold for $560,000. As of June this year, that number has climbed to $850,000, based on data from Phoenix Realtors and Scottsdale Realtors.
“Many new employees are coming from outside greater Phoenix,” Sheryl Bowden, board president of Phoenix Realtors, told the Queen Creek Sun Times in a recent interview.
“Housing demand will increase with their arrivals. Phoenix, Scottsdale, Peoria, and Surprise will be most impacted, as the data shows that the market is changing in those areas.”
The table below shows the sharp rise in home prices in Scottsdale over the past four years:
Year
Median home price
Percent change year-over-year
2024 (June)
$850,000
+4.4%
2023 (annual)
$795,000
-1.9%
2022 (annual)
$810,000
+18.0%
2021 (annual)
$686,250
+22.54%
2020 (annual)
$560,000
+15.46%
Source: Phoenix REALTORS®, Scottsdale REALTORS®
This trend isn’t just happening in Scottsdale; it’s a nationwide phenomenon. According to the Case-Shiller National Home Price Index, U.S. home prices have surged by 47% since early 2020. This increase has significantly boosted homeowner equity, allowing many to invest in new properties, renovate their homes, pay off debt, or save for retirement. ICE Mortgage Technology’s Mortgage Monitor Report indicates that, as of early 2024, the average homeowner with a mortgage now has $299,000 in home equity.
Up next, we’ll discuss how to estimate your Scottsdale home’s current market value.
