North Scottsdale Real Estate Market Prices, Trends, and Forecast 2023

Despite strong buyer demand in the North Scottsdale real estate market, the area is experiencing cooling trends which will likely persist through the rest of 2023. As the market continues normalizing from 2021 highs, increasing interest rates and seasonal trends will tamp down on buyer demands. Here’s what to expect when entering the local market as a buyer or seller this year.

The cooling trends of North Scottsdale’s pricey market will work in favor for buyers making their search. Sellers should prepare for more negotiations and buyer concessions now that the market is less competitive than previous years. Even with a slowing market, home values in North Scottsdale remain high for its prime location and luxury amenities.

The median estimated home value for North Scottsdale properties is $812K, a 9.2% increase compared to last year. This is good news for both buyers investing in the area and sellers listing their properties. However, median list prices have decreased since last year which reflects the pressure of high interest rates and inflation.

Interest rates continue to rise in North Scottsdale and across Maricopa County. The average monthly mortgage payment last year was $1,431, almost $1,000 less than this year’s average payment of $2,427. This bites into a buyer’s purchasing power and limits the properties available to them in a search. Arizona buyers interested in a 30-year fixed mortgage can expect an average rate of 7.03% while a 15-year mortgage rate averages 6.21%.

Landlords interested in the North Scottsdale real estate market have the potential to make a serious profit in the area. The average monthly rent for a one-bedroom apartment is $1,845, which is a 4% decrease compared to last year. Even so, appreciation rates in North Scottsdale are some of the highest across the nation. In the past decade, properties in the area have appreciated 154.90% and currently have an average annual appreciation rate of 21.28%.

In the past year, North Scottsdale had a positive net population growth, up 1.75%. In the past decade the population grew 15.7%. This is lower than Maricopa County’s 18.6% and Arizona’s 16.2% However, it’s almost double the country’s population growth of 8.2%. A growing community and large influx of seasonal residents keeps demand for North Scottsdale homes and vacation rentals high.

Maricopa County is experiencing the same cooling trends as North Scottsdale. The median list price for properties in the area is $510K, a 1.9% decrease compared to last year. Although much lower than North Scottdale’s average price, Maricopa homes are more expensive than the Arizona median price of $461K. Decreasing prices give buyers more purchasing power and options when searching in the area.

The number of homes sold is also on the decline throughout the county with single family home sales down 43.15%. Sellers listing their properties can expect less buyer demand to reflect in listing times. The median days on market for a single-family home is 26 days, which is still short but marks a 333.33% increase compared to last year. This gives buyers more time to consider a property and negotiate with sellers.

Although COVID-19 may have slowed down the North Scottsdale real estate market in the outset, areas all around the Phoenix area are recovering well. The growing population is creating an imbalance in supply and demand which was exacerbated by labor and material shortages throughout the pandemic. Once inflation subsides and mortgage rates stop rising, the market is expected to bounce back to pre-pandemic levels.

Arizona areas that are on the higher end of the price scale and that feature more single-family homes experienced higher foreclosure rates, as the housing market normalized from 2021 highs. In Arizona, the foreclosure rate rose 165.5% between 2021 and 2022, which is one of the highest in the nation.

The median list price for North Scottsdale real estate is $1 million. This is a 5.2% decrease compared to last year but a 5.8% increase compared to last month.

The North Scottdale real estate market features highly appreciating luxury homes full of private neighborhoods with stunning mountain and sunset views. Check out these top three neighborhoods when exploring everything this city has to offer.

McDowell Mountain Ranch is a master planned community located within the serene Sonoran Preserve. Homes are surrounded by extensive hiking trails, two parks, and all-inclusive neighborhood amenities. This community is also right next to luxury golf courses, high-end shopping, and fine dining. McDowell Mountain Ranch is ideal for retirees searching for a calm or active lifestyle.

Golf fanatics will love living at Troon North, a golf club community at the foothills of Pinnacle Peak. The acclaimed courses are the gem of this community, offering a challenging game on a rugged southwest terrain. Additional outdoor recreation is never far away living next to the 200-acre Mountain Preserve, while its rural destination isn’t far from local amenities.

Grayhawk offers a variety of luxury living in its two distinct neighborhoods, The Park and The Retreat. Both feature a mix of luxury condominium communities and single-family communities with a range of amenities. Residents enjoy the neighborhood's 30+ trails, tot lots for children to safely play, and special amenities at the Retreat Village.

North Scottsdale’s cooling market will remain a popular destination for buyers searching for desert luxury. Although high mortgage rates and limited supply work against buyers, less home sales and increasing days on market offer some reprieve. Sellers and investors in North Scottsdale can count on high appreciation and continued demand to fuel their home transactions. If you’re interested in selling or exploring more of the city’s prime neighborhoods, contact the agents on The Rider Elite Team to guide you through the process.