Is Cave Creek, AZ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cave Creek is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Cave Creek was a Seller's Market.

Key Takeaway

Cave Creek is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Cave Creek, AZ

How much do homes in Cave Creek, AZ cost?

Median Sold Price

$790,000

$343/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$10,800(-1.3%)

Key Takeaway

Homes in Cave Creek have sold for 1.3% less than they did a year ago.

Summary: The median home sold price in Cave Creek was $790,000 in February 2024, down 1.3% from last year, and the median price per square foot was $343.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $277.5K$285K
+2.7%
2 $575K$562.5K
-2.2%
3 $695K$715K
+2.9%
4 $925K$867K
-6.3%
5+ $1.2M$1.2M
+2.3%

Summary: Cave Creek housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.7%, 2 bedroom homes decreased by 2.2%, 3 bedroom homes increased by 2.9%, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes increased by 2.3%.

Median Sold Price Compared To Nearby Cities

Deer Valley
-0.3%
Cave Creek
-1.3%
Scottsdale
-2.3%
New River
-3.5%
Carefree
-13.7%

Housing Supply in Cave Creek, AZ

How many homes are available in Cave Creek, AZ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
235266+13.2%

Summary: The Cave Creek real estate market had 266 homes for sale in February 2024, a 13.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 22
0.0%
2 3332
-3.0%
3 7786
+11.7%
4 85102
+20.0%
5+ 3844
+15.8%

Summary: The Cave Creek housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 3%, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 15.8%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2835+25.0%

Asking Price vs. Sold Price

27 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cave Creek, you may be able to get a good deal. 77.1% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in Cave Creek in February 2024, up by 25.0% month-over-month. Of the 35 sold homes, 77% were sold under asking, 14% were sold at asking, and 9% were sold over asking.

Days on Market for Cave Creek, AZ

How long does it take to sell a home in Cave Creek, AZ?

Average Sale Time

Feb 2023Feb 2024CHANGE
74 Days72 Days-3.6%

Summary: Homes in Cave Creek had an average of 72 days on market in Feb 2024, down by 3.6% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

14 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Cave Creek are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 35 homes were sold in Cave Creek; 23% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 18 Days Ago

Newest Listings in Cave Creek, AZ

Nearby Markets to Cave Creek, AZ

What housing markets are near Cave Creek, AZ?