Cave Creek, AZ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Cave Creek, AZ Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Cave Creek Housing Market Information

With 5,341 people, 2,209 houses or apartments, and a median cost of homes of $618,843, Cave Creek house prices are not only among the most expensive in Arizona, Cave Creek real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Cave Creek, accounting for 84.14% of the town's housing units. Other types of housing that are prevalent in Cave Creek include row houses and other attached homes ( 6.57%), large apartment complexes or high rise apartments ( 4.31%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.98%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cave Creek. Owner-occupied housing accounts for 83.02% of Cave Creek's homes, and 65.09% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Cave Creek built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cave Creek built between 2000 and later ( 32.80%). A lesser amount of the housing stock also hails from between 1940-1969 ( 8.04%).

Vacant housing appears to be an issue in Cave Creek. Fully 20.74% of the housing stock is classified as vacant. Left unchecked, vacant Cave Creek homes and apartments can be a drag on the real estate market, holding Cave Creek real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Cave Creek Home Appreciation Rates

Homes have actually lost value in Cave Creek over the last then years, as home values have seen a decline of 24.06% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Cave Creek home appreciation rates at 2.04%, which equates to an annual appreciation rate of 8.40%.

NeighborhoodScout's data show that during the latest twelve months, Cave Creek's appreciation rate, at 3.23%, has been at or slightly above the national average. In the latest quarter, Cave Creek's appreciation rate has been 2.04%, which annualizes to a rate of 8.40%.

Importantly, this makes Cave Creek one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Arizona, our data show that Cave Creek's latest annual appreciation rate is lower than 80% of the other cities and towns in Arizona.

Average Home Values

 

Median Home Value:
$618,843

Cave Creek, AZ HOME PRICES

Value Range
> $1,204,000 7.8
$903,001 - $1,204,000 10.2
$602,001 - $903,000 24.9
$481,001 - $602,000 16.1
$361,001 - $481,000 15.5
$241,001 - $361,000 15.3
$120,001 - $241,000 8.7
$61,001 - $120,000 0.9
$0 - $61,000 0.6

Very High for AZ
Very High for Nation

Value Relative to Nation Value Relative to State
3.64467362006328 2.02702702702703

Number Of Homes And Apartments:
2,209

Cave Creek Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
48.23% 2.31% 5 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,607 / per month

Homeownership Rate

Homeownership
Owners 83.02
Renters 16.98
Vacant 20.74

Housing Market Details

 

Age of Homes

AGE OF Cave Creek HOMES
2000 or Newer 32.8
1970 - 1999 59.2
1940 - 1969 8.0
1939 or Older 0.0

Types of Homes

TYPE OF Cave Creek HOMES
Single-Family 84.1
Townhomes 6.6
Small Apt. Buildings 3.0
Apt. Complexes 4.3
Mobile Homes 2.0
Other 0.0

Home Size

SIZE OF Cave Creek HOMES
No Bedroom 1.11
1 Bedroom 3.70
2 Bedrooms 23.50
3 Bedrooms 43.99
4 Bedrooms 21.10
5 or more bedrooms 6.60

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