ANNUAL FLAGSTAFF MARKET REAL ESTATE TRENDS
HISTORICAL SALES DATA FOR FLAGSTAFF HOMES 2005 – 2024
“Get up! Get up! Get outta here! Gone!”
– Bob Uecker (RIP)
2024 is now in the books. Baseball and real estate are very similar in their passion for analyzing data. Baseball experts look at batting averages(BA), on-base percentage (OBP), earned run average (ERA), and countless other “numbers” of the game. Like baseball, real estate relies on several different statistics to help us predict current and future market conditions. How do you think inventory and affordability affected our market in 2024?

TOTAL SALES
There were 772 single family homes sold in the Flagstaff area in 2024. While this is up over 13% from the 683 sold in 2023, it is still far off from the all time high of 1289 homes sold in 2020.
Comparing volume, excluding 2023, the Flagstaff market saw fewer homes sold in 2024 than in any other year dating back to 2012 (749). Throughout the year, lack of inventory remained a major frustration for 2024 Buyers in the Flagstaff area. On January 19th, there were only 107 active single family homes for sale in the Northern Arizona MLS.

MEDIAN SALES PRICE
There was some speculation that 2024 might bring with it a reduction in home values. For the Flagstaff market, that simply did not happen. The median sales price for single family homes sold in the Flagstaff area came in at $771,475 for 2024. That is a year over year increase of 4.96% from the previous year.
Our Flagstaff market has seen a year over year increase in the median sale price every year since 2012. Add to the mix stubborn interest rates, and you can see how buyers continue to feel home ownership affordability is a major challenge in personal finances.

MEDIAN APPRECIATION/DEPRECIATION YEAR OVER YEAR AS A PERCENTAGE
The median sales price for single family homes in the Flagstaff area has seen positive year over year increase every year since 2013. That’s 12 years of growth for Flagstaff homeowners. In 2024, the median home price rose just under 5%. Low inventory levels throughout the year and buyer demand kept prices from falling. The moderate growth over 2023-24 should be good news for buyers, especially if you compare the accelerated growth our Flagstaff market experienced in 2020-2022.

AVERAGE PRICE/SQ. FT.
Following along with the median sales price, the average price per square foot for single family homes sold has increased every year since 2012 as well. 2024 was the first year the Flagstaff market saw the price per square foot jump above $400/sf and settled in at $416.47. PLEASE do not expect this to be a direct correlation to your home’s value. Give us a call, and we schedule a time to meet with you and provide you with an in-depth analysis.
CONCLUSION
Overall, 2024 was a continuation of years past. Sales volume saw an increase over 2023, but underperformed when compared to the COVID years. Those hoping/betting on a 2024 market correction will be disappointed to see results for the year. Limited inventory/supply contributed to the increase in prices in 2024 and this seems likely to continue in 2025 (See predictions Article). This has been the common theme year over year for over a decade.
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The data reported here are based on single family homes sales in the Flagstaff Metro Area (The City of Flagstaff and immediately surrounding County areas, EXCLUDING Munds Park and Bellemont) as reported in the Multiple Listing Service (MLS) maintained by the Northern Arizona Association of REALTORS®. The data may not reflect all sales (but it surely reflects most of them).
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