Prescott, Arizona Housing Market Prices
Prescott Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 12% above the Arizona median$412,952
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Median rent 6% below the Arizona median$1,443
Housing Market Overview
| Metric | Prescott | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $412,952 | $367,851 | $248,835 |
| Price Trend (Annual %) | 7.3% | 11.9% | 7.5% |
| Median Gross Rent | $1,443 | $1,543 | $1,407 |
| Rent Trend (Annual %) | 6.3% | 6.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Prescott is about 12% higher than in Arizona. Rent is about 6% lower than the Arizona average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Prescott, up about 7.3% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Prescott rose about 70.6% between 2015 and 2024, from $846 to $1,443. Over the same span, rent in Arizona rose about 69.1%.
Affordability
On average, housing unit costs 5.6 yearly household incomes in Prescott.
Buying the median-priced home in Prescott costs roughly 23.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Prescott. The price-to-rent ratio in Arizona is about 19.9.
| Metric | Prescott | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $412,952 | $367,851 | $248,835 |
| Median Household Income | $73,913 | $80,381 | $80,455 |
| Price-to-Income Ratio | 5.6 | 4.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Prescott rose about 60.4%, while median household income rose about 58.2% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Prescott | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.3% | 60.3% | 58.5% |
| Rental Rate | 28.5% | 29.2% | 31.2% |
| Vacancy Rate | 12.3% | 10.6% | 10.2% |
| Median Tenure (years) | 10.0 | 13.0 | 15.0 |
| Median Year Moved In | 2016 | 2013 | 2011 |
Prescott has a homeownership rate of 59.3%, lower than the Arizona average of 60.3%. Its housing vacancy rate is 12.3%, compared with 10.6% in Arizona.
Housing Stock
| Metric | Prescott | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.00 people | 2.53 people | 2.53 people |
| Median Structure Built Year | 1990 | 1991 | 1978 |
| Median Number of Rooms | 5.2 | 5.3 | 5.5 |
The typical housing unit in Prescott was built around 1990. On average, 2.0 people live in a home with about 5.2 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Prescott, Arizona.
What is the median home price in Prescott, Arizona?
The median home price in Prescott, Arizona is $412,952, higher than the Arizona average of $367,851.
What is the average home price in Prescott, Arizona?
The typical home price in Prescott, Arizona, reported as the median sale price, is $412,952. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Prescott, Arizona?
The median gross rent in Prescott, Arizona is $1,443 per month, lower than the Arizona average of $1,543.
What was the median gross rent in Prescott in 2020?
In 2020, the median gross rent in Prescott, Arizona was $977 per month.
What is the price-to-rent ratio in Prescott, Arizona?
The price-to-rent ratio in Prescott, Arizona is about 23.8, meaning it would take roughly 23.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Prescott.
Are home prices or rent rising faster in Prescott, Arizona?
Both home prices and rent are rising in Prescott, up about 7.3% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Prescott, Arizona?
59.3% of households in Prescott, Arizona own their home, lower than the Arizona average of 60.3%.
What is the vacancy rate in Prescott, Arizona?
The housing vacancy rate in Prescott, Arizona is 12.3%, higher than the Arizona average of 10.6%.
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