Prescott, AZ Housing Market Trends
With 47,757 people, 22,751 houses or apartments, and a median cost of homes of $684,859, 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 67.11% of the city's housing units. Other types of housing that are prevalent in Prescott include large apartment complexes or high rise apartments ( 12.56%), duplexes, homes converted to apartments or other small apartment buildings ( 8.04%), and a few mobile homes or trailers ( 5.86%).
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 64.47% owning and 35.53% 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 ( 33.84%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.03%). There's also some housing in Prescott built before 1939 ( 6.15%).
Vacant housing appears to be an issue in Prescott. Fully 11.84% 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 142.56% over the last ten years, which is an average annual home appreciation rate of 9.27%, 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.
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 4.16%, 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 -2.13%, which equates to an annual appreciation rate of -8.24%.
Notably, Prescott's appreciation rate in the latest quarter is one of the lowest in America.
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.
Median Home Value
$684,859
Very High
for Arizona
Very High
for nation
Number of Homes And Apartments:
22,751
AZ
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$2,223 / per month