Flagstaff, AZ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Flagstaff, AZ Real Estate Data


Flagstaff Housing Market Information

With a population of 70,320, 23,239 total housing units (homes and apartments), and a median house value of $338,719, Flagstaff house prices are not only among the most expensive in Arizona, Flagstaff 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 Flagstaff, accounting for 46.11% of the city's housing units. Other types of housing that are prevalent in Flagstaff include large apartment complexes or high rise apartments ( 27.52%), row houses and other attached homes ( 10.39%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.68%).

The most prevalent building size and type in Flagstaff are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 39.21% owning and 60.79% renting.

There is a lot of housing in Flagstaff 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 Flagstaff built between 2000 and later ( 23.59%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.92%). There's also some housing in Flagstaff built before 1939 ( 2.74%).

Vacant housing appears to be an issue in Flagstaff. Fully 12.33% of the housing stock is classified as vacant. Left unchecked, vacant Flagstaff homes and apartments can be a drag on the real estate market, holding Flagstaff 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.

Flagstaff Home Appreciation Rates

Flagstaff's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Flagstaff during the period has been just -0.89%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Flagstaff's appreciation rate, at 5.62%, has been at or slightly above the national average. In the latest quarter, Flagstaff's appreciation rate has been 4.71%, which annualizes to a rate of 20.22%.

Importantly, NeighborhoodScout’s exclusive research found that Flagstaff's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Arizona, our data show that Flagstaff's latest annual appreciation rate is lower than 60% of the other cities and towns in Arizona.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Flagstaff differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Flagstaff - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Flagstaff real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$338,719

Flagstaff, AZ HOME PRICES

Value Range
> $1,294,000 0.9
$971,001 - $1,294,000 1.6
$647,001 - $971,000 6.0
$518,001 - $647,000 8.7
$388,001 - $518,000 17.9
$259,001 - $388,000 29.0
$129,001 - $259,000 25.5
$65,001 - $129,000 2.9
$0 - $65,000 7.5

Very High for AZ
Very High for Nation

Value Relative to Nation Value Relative to State
13.3630028693564 8.7248322147651

Number Of Homes And Apartments:
23,239

Rent & Ownership

 

Average Market Rent:
$1,628 / per month

Homeownership Rate

Homeownership
Owners 39.21
Renters 60.79
Vacant 12.33

Housing Market Details

 

Age of Homes

AGE OF Flagstaff HOMES
2000 or Newer 23.6
1970 - 1999 58.8
1940 - 1969 14.9
1939 or Older 2.7

Types of Homes

TYPE OF Flagstaff HOMES
Single-Family 46.1
Townhomes 10.4
Small Apt. Buildings 9.7
Apt. Complexes 27.5
Mobile Homes 6.3
Other 0.0

Home Size

SIZE OF Flagstaff HOMES
No Bedroom 4.01
1 Bedroom 10.17
2 Bedrooms 29.71
3 Bedrooms 37.58
4 Bedrooms 15.63
5 or more bedrooms 2.91

Flagstaff Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
95.53% 4.02% 10 10
* 10 is highest