Flagstaff AZ Real Estate Market Data Provided by The Broaddus Properties Group Brokered by eXp / by Joselyn Uy
Flagstaff Real Estate: A Thriving Market This Fall
October 2024 delivered exciting news for the Flagstaff real estate market. While fall typically signals a seasonal slowdown, this year proved different. With home sales increasing by 10.5%, faster transactions, and steady price growth, Flagstaff is heating up just in time for the holidays!
Whether you’re a first-time homebuyer, a seasoned investor, or preparing to sell, understanding these trends can help you make informed decisions. Let’s break down the data, explore key market drivers, and provide actionable advice for navigating this dynamic market.
Key Highlights of October 2024
Here’s a snapshot of what made October stand out:
- Home Sales Surge: 137 homes sold, up 10.5% year-over-year.
- Median Home Price: $720,000, a 14.3% increase from October 2023.
- Days on Market (DOM): Median sales time dropped to 56 days, 15 days faster than last year.
- Luxury Market: High-end homes reached a median price of $1,572,500, with strong activity in the $2.9M–$3.2M range.
Flagstaff Inventory Snapshot: October 2024
The Flagstaff real estate market offered buyers plenty of options this October, with inventory levels reflecting a balanced, albeit selective, market.Here’s a breakdown:
- Active Listings: 622 homes were actively listed for sale.
What This Means for Buyers and Sellers
- For Buyers: Ample inventory means you have a variety of choices. With an absorption rate of 4.52 months, you also have some negotiating power, especially in higher price ranges.
- For Sellers: Homes priced strategically and in good condition are moving faster. The median days on market for sold properties in the last 6 months is 60 days, compared to 77 days for active listings—proving the importance of competitive pricing.
Hot Price Ranges
- $600K - $800K: This segment remains the most active, with 78 active listings and leading sales in the past six months. However, 49 off-market listings in this range highlight the need for competitive pricing.
Flagstaff Home Sales are Up
Flagstaff saw a 23.4% increase in home sales compared to September, with 137 homes sold—a major leap from the October 2022 total of 102 homes. While we’re still a bit shy of the 2020 record of 223 homes sold in October, this rebound signals a positive shift in the market.
For context, U.S. existing-home sales rose 3.4% nationally in October, marking the first 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 single-family homes and townhomes driving much of the growth.
- Single-Family Homes: 92 sold, a 33.3% increase from October 2023.
- Townhomes: 25 sold, up an impressive 78.6%, reflecting growing demand for versatile housing options.
- Condos: 10 sold, down 60.0%, possibly due to limited inventory or changing buyer preferences.
- Other Property Types: 10 sold, down 37.5%, highlighting narrower demand for niche properties.
This data underscores the strength of Flagstaff’s single-family and townhome markets, offering excellent opportunities for buyers and sellers alike.
Median Home Prices Show Balance with Faster Sales
October’s median home price in Flagstaff landed at $720,000, reflecting a 14.3% year-over-year increase from October 2023’s $630,000. However, prices dipped slightly, down 4% from September, as more lower-priced homes entered the market.
Homes sold faster this month, with the median days on market (DOM) dropping to 56 days, a significant improvement from 71 days in October 2023 and 59 days in September 2024. This faster turnover indicates strong buyer demand, even as the market sees a greater mix of lower-priced homes.
This trend underscores the importance of looking beyond the headline price. Median sale prices can shift based on the mix of homes sold, even if individual home values remain strong. While buyers may find more affordable options due to expanded inventory, sellers—especially those in higher price brackets—can still capitalize on robust demand and quicker transactions.
Whether you're looking to sell or buy, understanding these market dynamics can help you make the right moves in Flagstaff's competitive real estate landscape.
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Luxury Market Trends in Flagstaff
Flagstaff’s luxury market remains vibrant, characterized by faster sales, high demand, and steady price growth. The single-family luxury segment is firmly a Seller’s Market with a 29% Sales Ratio, reflecting strong buyer interest and limited inventory.
Key Highlights of the October 2024 Luxury Market
- Luxury Benchmark Price: $975,000.
- Median Sales Price: $1,572,500, a 8% increase from October 2023.
- Median Days on Market: Homes sold in 54 days, down significantly from 93 days last year.
- Sales-to-List Price Ratio: 98.48%, showing buyers are paying near full asking prices.
- Price Per Square Foot: Increased by 6%, from $479 to $506.
Most Active Price Band
The most active luxury price range was $2,900,000 to $3,199,999, achieving a 100% Sales Ratio, meaning every listed property in this range sold.
Luxury Inventory and Sales
- Total Inventory: 95 homes, down slightly from 98 in October 2023.
- Total Sales: 28 homes, a 75% increase compared to last year.
Top Sales
The highest luxury sale was a Forest Highlands estate sold for $7.55M, showcasing the continued appeal of high-end properties in Flagstaff.
With faster sales and buyers willing to pay near full price, the luxury market offers an excellent opportunity for sellers to list now while demand is high. Buyers seeking exclusive properties should act quickly to secure their dream home before competition intensifies.
Spotlight: October’s Priciest Sales
Flagstaff’s luxury market saw remarkable sales in October, showcasing some of the finest properties the area has to offer:
- Single-Family Home: This month’s most expensive Flagstaff home sale—and the priciest of the year—was 2932 Andrew Douglass, sold for $7,550,000. Nestled in the exclusive Forest Highlands golf community, this newly completed luxury masterpiece offers breathtaking views, top-tier amenities, and a seamless blend of elegance and modern comfort.
Photo courtesy of Silverleaf Realty LLC
- Townhome: The top townhome sale of October 2024 goes to 4410 W Arabian Trail, sold for $1,160,000 in Flagstaff Ranch. Fully furnished and packed with luxury, this rare two-story beauty features soaring ceilings, a main-level master suite, and stunning views of the 16th fairway—Flagstaff living at its best!
- Condo: This month’s highest-priced condo also set a record for the longest days on market at 978 days. Located in the upscale Mountain Vista Condominium at Pine Canyon, this single-level unit offers 3 bedrooms, a spacious patio, and proximity to premier amenities.
THE MOST AFFORDABLE FLAGSTAFF HOMES SOLD in OCTOBER 2024
Flagstaff’s housing market isn’t just for luxury buyers—October 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 Realty Executives of Northern Arizona
- Single-Family: The most affordable single-family home sold in October 2024 was 4900 S Wildlife Drive, which sold for $305,000. This cozy cabin features a charming wood-accented interior, forest views, a spacious fenced backyard, and easy access to hiking, biking, and horse trails. With no HOA fees and income potential from nearby rentals, this property is a true gem for outdoor enthusiasts or investors.
- Townhome: The most affordable townhome sold in October 2024 was 6656 N Snowflake Dr, sold for $333,000. This 3-bedroom home is perfect for first-time buyers or those looking for a cozy second home. Highlights include new flooring throughout, an oversized wood stove, a spacious backyard, and no HOA fees, making it an ideal choice for affordability and charm.
- Condo: The most affordable condo sold in October 2024 was 3200 S Litzler Dr #4214, sold for $255,000. This 1-bedroom condo, located near Northern Arizona University (NAU), offers great value for students, first-time buyers, or investors. The unit comes with a stackable washer and dryer, adding convenience to its affordability.
Looking for your own affordable Flagstaff home? Search Affordable Homes Here
What’s Driving the Market?
Economic Trends Supporting Growth
Chief Economist Lawrence Yun of the National Association of Realtors explains:
"The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions. Job gains and economic growth are fueling housing demand, and while mortgage rates remain elevated, they are expected to stabilize in 2024."
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 6.94 percent for the fourth week of November. It increased in recent weeks. For now, the consensus is that mortgage rates will ease down in 2024.
Actionable Advice for Buyers
Focus on What You Can Control
While mortgage rates remain high, understanding how to improve your financial profile can help secure better terms:
- Credit Score: Boosting your score can lead to lower interest rates.
- Loan Type: Choose a mortgage type that aligns with your goals.
- Loan Term: Adjusting the term can lower monthly payments.
Don’t let mortgage rates hold you back—focus on what you can control! A strong credit score, understanding your loan options, and choosing the right loan term can make all the difference. These steps not only help you secure better terms but also set you up for success in a challenging market. Rates may take time to adjust, but your dream home doesn’t have to wait. Let’s connect to create a smart, tailored plan for your next move!
Explore Co-Buying for More Options
Co-buying is an emerging trend that allows buyers to share costs and responsibilities, making homeownership more accessible.
- Benefits: Afford a larger home, reduce upfront costs, and share monthly payments.
- Tip: Plan ahead by creating agreements on finances and responsibilities.
Feeling like homeownership is out of reach with today’s high prices and rates? Co-buying might be the answer! Teaming up with friends or family allows you to share costs like down payments and monthly payments, making homeownership more affordable. Plus, pooling resources can mean a bigger or better home in a dream neighborhood. Nearly 15% of Americans are already co-buying, and it’s gaining popularity fast. Just be sure to plan ahead—agree on responsibilities, finances, and what happens if someone wants to sell their share later. Co-buying could be your key to owning a home sooner!
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:
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Home Seller Advice for Flagstaff/Northern AZ
Advice for Sellers
Why List During the Holidays?
While many sellers wait until spring, listing your home during the holidays has advantages:
- Less Competition: Fewer listings mean your home can stand out.
- Motivated Buyers: Many buyers want to close before the year ends.
- Cozy Staging: Use holiday décor to create a warm, inviting atmosphere.
Take advantage of the current market demand and shorter days on market to maximize your sale price.
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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