Is Flagstaff, AZ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Flagstaff is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Flagstaff has remained a Seller's Market.

Key Takeaway

Flagstaff is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Flagstaff, AZ

How much do homes in Flagstaff, AZ cost?

Median Sold Price

$785,250

$391/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$17,350(+2.3%)

Key Takeaway

Homes in Flagstaff have sold for 2.3% more than they did a year ago.

Summary: The median home sold price in Flagstaff was $785,250 in February 2024, up 2.3% from last year, and the median price per square foot was $391.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $280K$298K
+6.4%
2 $410K$445K
+8.5%
3 $700K$720K
+2.9%
4 $995K$1.2M
+20.6%
5+ $1.6M$1.2M
-24.2%

Summary: Flagstaff housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.4%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 20.6%, and 5+ bedroom homes decreased by 24.2%.

Housing Supply in Flagstaff, AZ

How many homes are available in Flagstaff, AZ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
10097-3.0%

Summary: The Flagstaff real estate market had 97 homes for sale in February 2024, a 3.0% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 44
0.0%
2 1213
+8.3%
3 3428
-17.6%
4 3033
+10.0%
5+ 2019
-5.0%

Summary: The Flagstaff 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 increased by 8.3%, 3 bedroom homes decreased by 17.6%, 4 bedroom homes increased by 10%, and 5+ bedroom homes decreased by 5%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1622+37.5%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Flagstaff, you may be able to get a good deal. 72.7% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in Flagstaff in February 2024, up by 37.5% month-over-month. Of the 22 sold homes, 73% were sold under asking, 0% were sold at asking, and 27% were sold over asking.

Days on Market for Flagstaff, AZ

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

Average Sale Time

Feb 2023Feb 2024CHANGE
70 Days100 Days+42.3%

Summary: Homes in Flagstaff had an average of 100 days on market in Feb 2024, up by 42.3% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

13 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 22 homes were sold in Flagstaff; 14% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 59% 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 4 Days Ago

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