From its official incorporation in 1951 with a population of 2,000, Scottsdale has grown to a 2020 census count of 241,361, being now the state's seventh-largest city. Scottsdale is commonly defined by its high quality of life, and in 1993 was one of several cities to receive a "Most Livable City" award from the United States Conference of Mayors.
The Scottsdale real estate market is a dynamic and attractive option for investors seeking a robust and stable environment. With a median listing price of $950,000 and an average of 52 days on the market, buyers have negotiation power in this competitive market, showcasing its status as a seller's market. Despite a 5.1% decrease in home values, buyers still benefit from a favorable 0.976 median sale-to-list ratio, and 10.9% of sales exceed list prices, highlighting the market's competitiveness. Forecasts predict a positive growth trend, with an average home value of $778,208 and a 37-day pending period projected for June 2024.
Scottsdale is not only a popular residential destination but also an emerging tech hub, housing companies like GoDaddy, Yelp, and Paypal. The city's robust job market boasts low unemployment rates and high income levels. Its allure extends to tourists with attractions like golf, spring training, and numerous hotels. The rental market caters to a diverse population, from snowbirds to retirees, contributing to a strong demand.
Geographic constraints, such as parks and limited expansion, drive property value appreciation, further enhancing the investment potential. However, Scottsdale's real estate affordability challenges stem from high median home prices, a factor that drives demand in the rental market.
PURE Property Management understands the unique opportunities and challenges that come with rental property investments in Scottsdale. Our Scottsdale property management team can help you navigate the local market, find quality residents, and maximize your return on investment. Whether you're a seasoned investor or exploring rental property for the first time, trust PURE Property Management to be your partner in success.