By Kelly Preschler, Sedona Real Estate Specialist
Sedona Market Update
If you're watching Sedona's real estate market, here’s what’s happening as of September 2024. Whether you're a buyer, seller, or just curious about the current trends, this Sedona market update will give you a snapshot of what’s happening in this beautiful corner of Arizona.
Sales Remain Steady
The number of homes sold in Sedona in September 2024 remained consistent with the same month in 2023, with 18 sales reported. This steady pace shows that Sedona's housing market is in stable demand despite national market fluctuations.
Median Sales Price Slightly Drops
In September 2024, the median sale price for a home in Sedona was $1,150,000, reflecting a 4.2% decrease from the previous year. While this is a modest drop, it could indicate a more balanced market, offering buyers opportunities to negotiate better deals.
Listing Prices Are Down
The median listing price in Sedona as of August 2024 was $969,000, representing a 7.6% decrease from last year. This drop could appeal to prospective buyers looking to enter the Sedona market, particularly with inventory challenges still affecting home availability.
Homes Are Taking Longer to Sell
One trend to note is the increased time on the market. In 2024, homes have been on the market for an average of 105 days. This is a significant period for properties to sit, which may give buyers some leverage when negotiating offers or securing financing.
Strong Rental Market
Sedona's rental market continues to grow for those considering investing in rental properties. With a rising population and limited housing supply, rental prices are rising. Sedona is an attractive location for investors seeking rental income opportunities, which adds pressure to those searching for affordable housing.
Low Inventory Challenges
Inventory remains tight, with some experts noting that the market has experienced a brief pause due to a lack of available homes. This low inventory can lead to competition, as homes on the market still receive an average of two offers. Buyers should be prepared to act quickly when a desirable property becomes available.
The Appeal of Sedona
Sedona is known for its stunning red rock landscapes, vibrant arts scene, and spiritual energy. The natural beauty and laid-back lifestyle continue to draw people from all over the world. However, the high cost of living and limited amenities can be potential downsides for those considering a move here.
If you’re considering buying or selling in Sedona, staying informed about these market trends is essential. As a local expert, I’m here to help you navigate this unique market and make the most of your real estate journey.
Contact me for personalized advice or more detailed information about available properties. Whether you're looking to buy, sell, or invest in Sedona, I’d love to help you find the perfect opportunity.
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