Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
November 2024 Trends & Insights
As the crisp air settles over Northern Arizona, November’s real estate market in Flagstaff offers intriguing insights for buyers and sellers alike. Whether you’re planning to buy your dream home or sell your current property, understanding the latest market trends is essential.
Key Market Highlights of November 2024
- Home Sales Surge: 118 homes sold, up 19.2% year-over-year.
- Median Home Price: $785,500, a 12.4% increase from November 2023.
- Days on Market (DOM): Median sales time dropped to 72 days, 8 days faster than last year.
- Luxury Market: High-end homes reached a median price of $1,400,000, with strong activity in the $1.2M–$1.3M range.
Flagstaff Inventory: A Closer Look at November 2024
The Flagstaff housing market saw a slight decrease in inventory this month, following typical seasonal patterns. Many sellers are holding off until spring, resulting in fewer new listings hitting the market. Here’s a detailed breakdown of the current numbers:
- Active Listings: 415 homes actively listed for sale, marking a 10% decrease compared to last month.
- New Listings: 84 new homes entered the market, a significant 34% drop month over month.
- Pending Sales: 148 homes are under contract, down 11% from the previous month.
- Price Reductions: 92 homes experienced price cuts, reflecting a 49% decrease compared to last month.
- Months of Inventory: 2.3 months, indicating a tight market and strong demand.
Flagstaff Home Sales
Flagstaff saw a 14.5% decrease in home sales compared to November, with 138 homes sold—a major leap from the November 2023 total of 99 homes. While we’re still a bit shy of the 2020 record of 167 homes sold in November, this rebound signals a positive shift in the market.
For context, Existing-Home Sales Elevated 4.8% in November, marking the strongest year-over-year gain since July 2021. With inventory ticking up and economic conditions remaining strong, buyers are taking advantage of the opportunities.
Flagstaff Home Sales Breakdown by Property Type
Flagstaff's real estate market showed varied performance across property types, with townhomes and other property types driving much of the growth.
- Single-family homes dominated the market with a notable 25.4% increase in sales, reaffirming their status as a top choice among Flagstaff buyers.
- Townhomes surged with an impressive 125% growth, cementing their place as a sought-after option in the market.
- On the other hand, condo sales experienced a 54.5% decline, possibly due to limited availability or changing buyer trends.
- Meanwhile, unique and flexible property types in the "Others" category enjoyed a 60% boost, highlighting growing interest in niche real estate options.
Whether you're looking to buy or sell, Flagstaff's real estate market is brimming with opportunities, making now the perfect time to make your move!
Median Home Prices Show Balance with Faster Sales
November’s median home price in Flagstaff landed at $785,500, reflecting a 12.4% year-over-year increase from November 2023’s $699,000. Prices also rose 9% from October, as more lower-priced homes entered the market. This continues a year-over-year upward trend, indicating strong demand.
Homes sold faster this month, with the median days on market (DOM) dropping to 72 days, a significant improvement from 80 days in November 2023. However, this represents a seasonal slowdown compared to 56 days in October 2024.
Median sale prices can shift based on the mix of homes sold, even if individual home values remain strong.
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What’s Driving the Market?
Economic Trends Supporting Growth
Chief Economist Lawrence Yun of the National Association of Realtors explains:
Home sales momentum is building. More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%
"Existing homeowners are capitalizing on the collective $15 trillion rise in housing equity over the past four years to look for homes better suited to their changing life circumstances," Yun added.
Flagstaff reflects these national trends, with rising inventory, economic stability, and growing demand driving activity. Buyers and sellers alike can benefit from these favorable conditions.
Mortgage rates: According to Bankrate.com, the 30-year fixed-rate mortgage rate averaged 6.91 percent for the week ending Dec. 18. It increased in recent weeks.
Spotlight: November’s Priciest Sales
Flagstaff’s luxury market saw remarkable sales in November, showcasing some of the finest properties the area has to offer:
- Single-Family Home: This month’s most expensive Flagstaff home sale —was 1886 E Marengo Court, sold for $3,650,000. Nestled in the exclusive in the prestigious Pine Canyon Golf Community, this stunning newly built modern mountain estate features soaring ceilings, high-end finishes, dual first-floor primary suites, and a spacious Trex deck.
Photo courtesy of Core Realty Professionals
- Townhome: The top townhome sale of November 2024 goes to 1491 E Castle Hills Drive Unit 11, sold for $2,100,000 in Pine Canyon. This luxury townhome showcases 3,198 sq. ft. of luxury living with 3 bedrooms, 3 baths, a private-entry casita, vaulted ceilings, a gourmet kitchen, and expansive indoor-outdoor spaces overlooking the 12th fairway, fully furnished with a golf cart and Phat Scooters included.
- Condo: The top condo sale of November 2024, a stunning 3-bedroom, 2-bath executive ground-level condo in Flagstaff Ranch, sold for $629,900, featuring over 1,800 sq. ft. of open-concept living, a luxurious primary suite with a private patio, and access to premier amenities like golf, a clubhouse, pool/spa, and scenic trails.
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in NOVEMBER 2024
Flagstaff’s housing market isn’t just for luxury buyers—November 2024 also offered fantastic opportunities for those seeking more affordable options. Take a look at the most budget-friendly sales last month:
Photo courtesy of Coldwell Banker Realty
- Single-Family: The most affordable single-family home sold in November 2024, 3007 E Lockett Road, sold for $395,000, offering 3 bedrooms, 2 bathrooms, a fully fenced backyard with mountain views, and direct access to Bushmaster Park, making it a perfect opportunity for families or investors in the heart of Flagstaff.
- Townhome: The most affordable townhome sold in November 2024, 2510 E Eva Loop, offered three bedrooms, two bathrooms, a fenced backyard, and Mt. Elden views in the heart of Greenlaw Townhomes for $425,000.
- Condo: The most affordable condo sold in November 2024, 1200 S Riordan Ranch Street Unit 21, was a move-in ready 1-bedroom, 1-bath lower-level unit with a covered patio overlooking green space, steps from NAU, and perfect for students, parents, or investors, sold for $275,000.
Looking for your own affordable Flagstaff home? Search Affordable Homes Here
Key Highlights of Flagstaff's November 2024 Luxury Market
The luxury real estate market in Flagstaff showcases a mix of steady demand and slight shifts in buyer and seller dynamics. Here are the standout trends from this month:
- Luxury Benchmark Price: $975,000, defining the entry point for the luxury segment.
- Median Sales Price: $1,400,000, reflecting a 3.4% decrease from November 2023 but remaining strong overall.
- Median Days on Market: Luxury homes are taking longer to sell, averaging 101 days, compared to 90 days a year ago.
- Sales-to-List Price Ratio: 96.72%, indicating buyers are paying close to asking prices, underscoring strong demand.
- Price Per Square Foot: A 1.4% increase year-over-year, climbing from $425 to $431.
Most Active Luxury Price Band
The luxury price range of $1,200,000 to $1,299,999 was the most active this month, achieving a 67% sales ratio. This means nearly 7 out of 10 homes listed in this range sold, making it a hot spot for both buyers and sellers.
Luxury Inventory and Sales
- Total Inventory: 79 luxury homes are on the market, down slightly from 100 in November 2023, reflecting tighter inventory conditions.
- Total Sales: 21 luxury properties were sold, marking an impressive 40% increase compared to the same period last year.
Flagstaff’s luxury market continues to thrive, offering opportunities for both buyers and sellers who are ready to navigate its unique dynamics.
Advice for Homebuyers in Flagstaff and Northern Arizona
Whether you're exploring luxury estates or family-friendly homes, navigating the Flagstaff real estate market requires strategy and preparation. Here's what to know:
For Luxury Buyers
The Flagstaff luxury market is competitive, especially in the $1.2M–$1.3M price range, where demand is strong. To secure your dream property:
- Act quickly and decisively when you find the right home.
- Be prepared to make offers close to or at the asking price to stay competitive.
- Partner with an experienced agent to help you navigate the nuances of the luxury market.
For Non-Luxury Buyers
The current market absorption rate of under 3 months leans in favor of sellers. However, higher price ranges still offer negotiating opportunities. Here’s how to make the most of this market:
- Act Swiftly: With limited inventory and fewer price reductions, the best homes won’t last long.
- Come Prepared: Work with your lender to secure pre-approval, and craft strong, competitive offers to stand out.
Hot Price Ranges to Watch
- $600K–$800K:
This range remains the most active, featuring 63 active listings and leading in sales over the past six months. However, with 49 off-market listings, competitive pricing and strategic marketing are crucial for sellers to attract buyers.- Buyers: Stay vigilant, as this segment continues to drive market activity.
- Sellers: Highlight your home’s unique features to ensure it stands out in this dynamic range.
Start Your Homeownership Journey with a Plan
Achieving homeownership starts with intentional planning. Follow these actionable steps to make progress toward your goal:
1️⃣ Build a Budget:
- Track your income and expenses to identify areas for saving.
- Set clear spending limits for categories like dining out and entertainment.
2️⃣ Cut Extras:
- Cancel unused subscriptions or reduce discretionary spending.
- Redirect these savings into a dedicated house fund.
3️⃣ Automate Savings:
- Set up automatic transfers to a separate account or use apps to save spare change.
- Consistency is key to building your savings efficiently.
4️⃣ Leverage Extra Cash:
- Use bonuses, tax refunds, or monetary gifts to boost your savings instead of splurging.
Saving for a home doesn’t require perfection—just steady progress. Whether you’re just starting your journey or need expert guidance, we’re here to help.
Let’s Connect: Contact us to create a personalized plan and take the next step toward finding your dream home in Flagstaff! 🏡✨
If you’d like to look at what’s available on the market, you can view the homes that are available in the Northern Arizona MLS right now:
Click here to see all Flagstaff homes for sale
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Advice for Flagstaff/Northern AZ Home Sellers:
Luxury Sellers: With inventory slightly down and sales increasing, this is an opportune time to list your home. Strategic pricing and high-quality presentation are key to attracting motivated buyers.
Non-Luxury Sellers: Strategic pricing and excellent home condition are key. Properties priced competitively are selling faster, with median days on market for sold homes over the past six months at 61 days, compared to 85 days for active listings. This highlights the importance of positioning your home to attract serious buyers.
Maximize Your Selling Success
Selling your home quickly and for top dollar is every seller’s goal, but even in today’s market, certain hurdles can hold you back. Here’s how to avoid common pitfalls:
1️⃣ Price It Right: Overpricing can scare off buyers, especially with today’s high mortgage rates. Work with your agent to set a competitive price that attracts serious offers.
2️⃣ Make It Shine: First impressions matter! Spruce up curb appeal, declutter, and consider small upgrades like fresh paint or seasonal listing photos to captivate buyers.
3️⃣ Stay Flexible: Limiting showings can turn buyers away, especially those from out of town. Make your home as accessible as possible to boost visibility.
If your home isn’t getting the attention it deserves, let’s connect to refine your strategy and get it sold! 🏡✨
If you’re curious about what your home is worth in today’s market, click the image below, then enter your address to instantly calculate your home’s value in today’s market based on recent Flagstaff home sales
Home Selling Tips Our blog for Northern Arizona home sellers has tons of tips to help sell your home faster and add thousands of dollars to your bottom line. Check it out.
Why Work With Broaddus Properties Group?
When you choose Broaddus Properties Group, you’re working with Northern Arizona’s top-performing real estate team led by award-winning agent Kelly Broaddus.
Kelly’s Latest Achievements
- #5 eXp Realty Top 250 Individual Agent 2023 (US).
- 2024 FastExpert Top Real Estate Agent in Flagstaff, Williams, and Arizona.
- Real Trends America's Best 2024:
- #9 Individual Agent in Arizona (By Volume).
- #21 Top Agent in Arizona (By Sides).
- Consistently an eXp Realty ICON Agent (2018–2024).
Proven Expertise and Results
- $64M in sales volume (2021) as Northern Arizona’s top-producing team.
- Recognized for superior negotiation and personalized service.
With Broaddus Properties Group, you gain a trusted partner with a track record of excellence.
📞 Call us at 888.446.5602 or 📧 email kelly.broaddus@exprealty.com to start your journey today!
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Your Next Move Starts Here
Whether you’re buying, selling, or exploring your options, we’re here to help. Contact us today at 888.446.5602 or email kelly.broaddus@exprealty.com to get started.
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