About the Flagstaff Housing Market
The real estate market in Flagstaff, Arizona has been growing steadily in recent years. In May 2023, the median home price in Flagstaff was $645,000, up 5.0% from last year. The median sale price per square foot in Flagstaff is $367, up 2.1% since last year.
Flagstaff, Arizona is a city that has been experiencing significant growth in recent years. The population has increased by over 25% since 2000, and the city is now home to over 77,000 people.
The city’s increasing popularity as a retirement destination: Flagstaff is becoming a popular retirement destination, due to its mild climate, beautiful scenery, and proximity to the Grand Canyon. This could also drive up prices in the future.
The growth of the Flagstaff real estate market is expected to continue in the years to come. This makes it a good time to buy real estate in the city if you are looking for an investment property or a place to call home.
Median Household Income: $59,337
Metro Population: 72,687
11-Year Population Growth: 19.8%
Median Home Price: $352,915
Median Rent Per Month: $2,500
Flood Risk: 21% over 30 years
8-Year Equity Growth (January 2014 – December 2022): 81.2%
1-Year Rent Growth: 21%
8-Year Rent Growth (January 2014 – December 2022): 23.5%
Job Growth: +1,600 CES jobs created over the last year
1-Year Job Growth Rate: 2.4%
Unemployment Rate: 3.2% (11% lower than the national average)
Tenant Laws: Landlord-Friendly
What to Like
Over 100% home equity growth
Diverse economy/jobs
Real estate appreciation
What to Watch Out For
Higher risk of valley fever
Dust storms
Lack of public transport
Resourceful link:
https://flagstaff.momcollective.com/
– Northern Arizona University: NAU is a public research university that employs over 3,500 people in Flagstaff. The university offers a range of employment opportunities, including teaching, research, administration, and support services.
– Flagstaff Unified School District: FUSD is the largest school district in northern Arizona, with over 1,500 employees. The district offers employment opportunities in fields like teaching, administration, and support services.
– The city’s mild climate: Flagstaff has a mild climate, with four distinct seasons. This makes it a desirable place to live for people who are looking for a change from the hot summers and cold winters of other parts of Arizona.
– The city’s proximity to the Grand Canyon: Flagstaff is a popular tourist destination, and many people who visit the Grand Canyon decide to stay in Flagstaff. This has created a demand for housing in the city.
– The city is investing in infrastructure, such as roads, schools, and parks.
– The city’s economy is growing, and the unemployment rate is low.
Growing population
Flagstaff’s population is expected to grow by 10% over the next decade. This will create a demand for more housing, which could drive up prices.
Economic growth potential
Flagstaff is home to a number of industries that are growing, such as healthcare, technology, and tourism. This could lead to more job growth in the city, which would attract even more people and drive up prices.
Quality of life
Flagstaff is a popular gateway to the Grand Canyon, and this tourism helps to drive the local economy. The city has a high desert climate, with warm summers and cool winters. This makes it a desirable place to live for people who are looking for a change from the heat of the desert.
Purchasing Property in Flagstaff, Arizona
The city’s potential for economic growth: Flagstaff is home to a number of industries that are growing, such as healthcare, technology, and tourism. This could lead to more job growth in the city, which would attract even more people and drive up prices.
Flagstaff has a strong economy, with a variety of job opportunities in the healthcare, education, and tourism sectors. It is more affordable than many other parts of Arizona. This makes it a great place to live if you are looking for a more budget-friendly option.
Four-season climate: Flagstaff has a mild four-season climate, with warm summers and cool winters. This makes it a great place to live if you enjoy outdoor activities, such as hiking, biking, and skiing. Flagstaff is surrounded by mountains, forests, and national parks. This makes it a great place to escape the hustle and bustle of city life and enjoy the peace and quiet of nature.
Flagstaff, Arizona
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