Prescott AZ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Prescott, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Prescott Housing Market Information

With a population of 43,314, 18,759 total housing units (homes and apartments), and a median house value of $401,810, 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 66.54% of the city's housing units. Other types of housing that are prevalent in Prescott include large apartment complexes or high rise apartments ( 11.22%), duplexes, homes converted to apartments or other small apartment buildings ( 9.24%), and a few mobile homes or trailers ( 7.42%).

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 62.26% owning and 37.74% 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 ( 29.95%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.94%). There's also some housing in Prescott built before 1939 ( 4.69%).

Vacant housing appears to be an issue in Prescott. Fully 13.72% 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 57.71% over the last ten years, which is an average annual home appreciation rate of 4.66%, putting Prescott in the top 20% 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.

Over the last year, Prescott appreciation rates have trailed the rest of the nation. In the last twelve months, Prescott's appreciation rate has been 4.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Prescott were at 1.31%, which equates to an annual appreciation rate of 5.34%.

Relative to Arizona, our data show that Prescott's latest annual appreciation rate is lower than 80% 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:
$401,810

Prescott, AZ HOME PRICES

Value Range
> $1,276,000 1.1
$957,001 - $1,276,000 3.2
$638,001 - $957,000 12.7
$510,001 - $638,000 10.1
$383,001 - $510,000 22.2
$255,001 - $383,000 22.2
$128,001 - $255,000 18.0
$64,001 - $128,000 3.1
$0 - $64,000 7.5

Very High for AZ
Very High for Nation

Value Relative to Nation Value Relative to State
11.9649635036496 8.0

Number Of Homes And Apartments:
18,759

Prescott Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
102.92% 3.56%
7
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,470 / per month

Homeownership Rate

Homeownership
Owners 62.26
Renters 37.74
Vacant 13.72

Housing Market Details

 

Age of Homes

AGE OF Prescott HOMES
2000 or Newer 29.9
1970 - 1999 53.4
1940 - 1969 11.9
1939 or Older 4.7

Types of Homes

TYPE OF Prescott HOMES
Single-Family 66.5
Townhomes 5.2
Small Apt. Buildings 9.2
Apt. Complexes 11.2
Mobile Homes 7.4
Other 0.4

Home Size

SIZE OF Prescott HOMES
No Bedroom 2.24
1 Bedroom 8.55
2 Bedrooms 30.91
3 Bedrooms 43.10
4 Bedrooms 12.71
5 or more bedrooms 2.49