When it comes to reduced house prices, larger lots, pleasant weather, and a low cost of living, seniors have traditionally ranked Scottsdale high on their list of destinations.
It’s estimated that every day, 250 individuals move to Maricopa County
However, since the COVID-19 virus began spreading across the country 14 months ago, the Scottsdale property market, and Arizona as a whole, has witnessed a massive increase in out-of-state migration, it would be possible for people to work from home and live on bigger, more cost-effective lots.
According to a recent U.S. Census report, Arizona has experienced the ninth-largest population gain in the last ten years, up 11.8 percent from 2010. Around 20% of all Americans migrated in 2020, and Arizona was the sixth most popular destination for those who did.
The evidence is in the property prices in Arizona, which have risen dramatically since the beginning of 2020. According to Realtor.com, the typical house listing price in the Scottsdale housing market is currently $699,900, representing a 12% year-over-year increase and an average of $320 per square foot. In September 2020, the average listing price was $725,000, the most in more than two years.
Because demand is “the wildest it’s ever been,” sellers know they can ask a lot for their houses. And they’ll get at least 12 to 15 proposals in that timeframe.”
On average, 250 individuals move to Scottsdale and Maricopa County every day, and inventory can’t keep up. All of a sudden, COVID accelerated the process.
This has been the case in many “secondary” markets across the country, as people discover they can work remotely from wherever. This has resulted in a boom in smaller places such as Pueblo, Colorado, Kingston, New York, Bay City, Michigan, and throughout Idaho, which provide larger homes for less money.
In fact, according to local realtors, even the heat isn’t stopping people from buying homes in the Scottsdale area. Luxury properties are selling at an all-time high due to increased affordability.
That isn’t at all unusual. As a result, the cost of living is considerably low. We have one of the lowest tax rates in the country; in some states, you can pay a year’s worth of taxes in a month.”
Scottsdale is also a burgeoning tech hub, with companies like GoDaddy, Yelp, Paypal, Indeed.com, and Paradigm Tech setting up shop in the city.
Home builders in Scottsdale, like the rest of the country, are trying to keep up with demand, hampered by the high cost of lumber and building materials. According to local contractors, it’s becoming usual for builders to be booked six months to a year in advance, according to a recent Redfin report.