Prescott, AZ Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Prescott, AZ Housing Market Trends

With 44,299 people, 19,632 houses or apartments, and a median cost of homes of $448,015, Prescott house prices are not only among the most expensive in Arizona, Prescott 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 Prescott, accounting for 67.76% of the city's housing units. Other types of housing that are prevalent in Prescott include large apartment complexes or high rise apartments ( 10.77%), duplexes, homes converted to apartments or other small apartment buildings ( 8.72%), and a few mobile homes or trailers ( 6.73%).

The most prevalent building size and type in Prescott are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.27% owning and 36.73% renting.

There is a lot of housing in Prescott 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 Prescott built between 2000 and later ( 28.43%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.93%). There's also some housing in Prescott built before 1939 ( 4.90%).

Vacant housing appears to be an issue in Prescott. Fully 13.12% of the housing stock is classified as vacant. Left unchecked, vacant Prescott homes and apartments can be a drag on the real estate market, holding Prescott 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.

Prescott Home Appreciation Rates

In the last 10 years, Prescott has experienced some of the highest home appreciation rates of any community in the nation. Prescott real estate appreciated 102.70% over the last ten years, which is an average annual home appreciation rate of 7.32%, putting Prescott in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Prescott definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Prescott that despite a nationwide downturn in the housing market, Prescott real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Prescott appreciation rates continue to be some of the highest in America, at 11.69%, which is higher than appreciation rates in 81.80% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Prescott. Prescott appreciation rates in the latest quarter were at 5.11%, which equates to an annual appreciation rate of 22.08%.

Importantly, NeighborhoodScout’s exclusive research found that Prescott'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 Prescott's latest annual appreciation rate is lower than 90% 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 Prescott differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Prescott - 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 Prescott real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$448,015

Prescott, AZ HOME PRICES

> $1,329,000
0.9%
0.9%
$996,001 - $1,329,000
4.9%
4.9%
$664,001 - $996,000
13.6%
13.6%
$531,001 - $664,000
12.4%
12.4%
$398,001 - $531,000
22.8%
22.8%
$266,001 - $398,000
23.1%
23.1%
$133,001 - $266,000
14.3%
14.3%
$67,001 - $133,000
2.3%
2.3%
$0 - $67,000
5.6%
5.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for AZ

Value Relative To Nation

Number Of Homes And Apartments:
19,632

Prescott Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
129.69% 3.94%
6
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,637 / per month

Homeownership Rate

Owners
63.3%
63.3%
Renters
36.7%
36.7%
Vacant
13.1%
13.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
28.4%
28.4%
1970 - 1999
53.7%
53.7%
1940 - 1969
12.9%
12.9%
1939 or Older
4.9%
4.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
67.8%
67.8%
Townhomes
5.7%
5.7%
Small Apt. Buildings
8.7%
8.7%
Apt. Complexes
10.8%
10.8%
Mobile Homes
6.7%
6.7%
Other
0.3%
0.3%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.7%
2.7%
1 Bedroom
8.0%
8.0%
2 Bedrooms
32.8%
32.8%
3 Bedrooms
41.4%
41.4%
4 Bedrooms
12.8%
12.8%
5 or more bedrooms
2.3%
2.3%
0.0% 100.0%
% OF HOMES