Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Scottsdale | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $504,257 | $340,223 | $242,182 |
| Price Trend (Annual %) | 4.3% | 12.4% | 8.2% |
| Median Gross Rent | $1,908 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 7.1% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Scottsdale is about 48% higher than in Arizona. Rent is about 33% higher than the Arizona average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Scottsdale, up about 4.3% and 7.1% a year respectively. Rent is changing faster.
Median rent in Scottsdale rose about 67.6% between 2015 and 2023, from $1,138 to $1,908. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Scottsdale.
Buying the median-priced home in Scottsdale costs roughly 22.0 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 Scottsdale. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Scottsdale | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $504,257 | $340,223 | $242,182 |
| Median Household Income | $106,390 | $77,100 | $78,145 |
| Price-to-Income Ratio | 4.7 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Scottsdale rose about 48.7%, while median household income rose about 53.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Scottsdale | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.9% | 59.6% | 58.2% |
| Rental Rate | 28.3% | 29.4% | 31.3% |
| Vacancy Rate | 14.8% | 11.0% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Scottsdale has a homeownership rate of 56.9%, lower than the Arizona average of 59.6%. Its housing vacancy rate is 14.8%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Scottsdale | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.04 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 1988 | 1990 | 1978 |
| Median Number of Rooms | 5.4 | 5.3 | 5.5 |
The typical housing unit in Scottsdale was built around 1988. On average, 2.0 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Scottsdale, Arizona.
What is the median home price in Scottsdale, Arizona?
The median home price in Scottsdale, Arizona is $504,257, higher than the Arizona average of $340,223.
What is the average home price in Scottsdale, Arizona?
The typical home price in %s, reported as the median sale price, is %s. 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 Scottsdale, Arizona?
The median gross rent in Scottsdale, Arizona is $1,908 per month, higher than the Arizona average of $1,430.
What was the median gross rent in Scottsdale in 2020?
In 2020, the median gross rent in Scottsdale, Arizona was $1,449 per month.
What is the price-to-rent ratio in Scottsdale, Arizona?
The price-to-rent ratio in Scottsdale, Arizona is about 22.0, meaning it would take roughly 22.0 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 Scottsdale.
Are home prices or rent rising faster in Scottsdale, Arizona?
Both home prices and rent are rising in Scottsdale, up about 4.3% and 7.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Scottsdale, Arizona?
56.9% of households in Scottsdale, Arizona own their home, lower than the Arizona average of 59.6%.
What is the vacancy rate in Scottsdale, Arizona?
The housing vacancy rate in Scottsdale, Arizona is 14.8%, higher than the Arizona average of 11.0%.