Flagstaff, AZ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Flagstaff, 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

Flagstaff Housing Market Information

With 70,320 people, 23,292 houses or apartments, and a median cost of homes of $327,776, 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 46.14% of the city's housing units. Other types of housing that are prevalent in Flagstaff include large apartment complexes or high rise apartments ( 27.09%), row houses and other attached homes ( 10.66%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.83%).

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 38.80% owning and 61.20% 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 ( 24.72%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.91%). There's also some housing in Flagstaff built before 1939 ( 3.38%).

Vacant housing appears to be an issue in Flagstaff. Fully 12.11% 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

Real estate appreciation rates in Flagstaff's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.61% during the period.

Appreciation rates are so strong in Flagstaff that despite a nationwide downturn in the housing market, Flagstaff real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Flagstaff appreciation rates continue to be some of the highest in America, at 9.16%, which is higher than appreciation rates in 91.25% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Flagstaff. Flagstaff appreciation rates in the latest quarter were at 2.62%, which equates to an annual appreciation rate of 10.91%.

Importantly, this makes Flagstaff one of the highest appreciating communities in the nation for the latest quarter, and 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 higher 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:
$327,776

Flagstaff, AZ HOME PRICES

Value Range
> $1,264,000 0.6
$948,001 - $1,264,000 1.8
$632,001 - $948,000 6.4
$505,001 - $632,000 9.4
$379,001 - $505,000 18.5
$253,001 - $379,000 28.0
$127,001 - $253,000 26.4
$63,001 - $127,000 3.0
$0 - $63,000 6.1

Very High for AZ
Very High for Nation

Value Relative to Nation Value Relative to State
13.898980428923 8.78378378378378

Number Of Homes And Apartments:
23,292

Flagstaff 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
98.93% 4.07% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,415 / per month

Homeownership Rate

Homeownership
Owners 38.80
Renters 61.20
Vacant 12.11

Housing Market Details

 

Age of Homes

AGE OF Flagstaff HOMES
2000 or Newer 24.7
1970 - 1999 57.0
1940 - 1969 14.9
1939 or Older 3.4

Types of Homes

TYPE OF Flagstaff HOMES
Single-Family 46.1
Townhomes 10.7
Small Apt. Buildings 9.8
Apt. Complexes 27.1
Mobile Homes 6.3
Other 0.0

Home Size

SIZE OF Flagstaff HOMES
No Bedroom 3.91
1 Bedroom 10.67
2 Bedrooms 28.92
3 Bedrooms 38.04
4 Bedrooms 15.75
5 or more bedrooms 2.71