North Scottsdale's Luxury Real Estate Market: Trends and Insights

Whether a luxury home on a sprawling private estate or one tucked neatly inside a historic district, there’s a limited supply and an equally limited number of buyers for high-end real estate. No matter the city, you’ll find unique market trends for high-end homes that can deviate from the national forecast. The North Scottsdale luxury real estate trends are an animal of their own and are worth exploring if you are a buyer or a luxury property seller. What does the market forecast in this city mean for you? Read ahead for expert insight.

During the early months of the 2020 COVID-19 pandemic, the housing market began to see historic rises in median home prices. With a shortage of construction materials, the building of new homes slowed to a crawl. This created a demand for existing dwellings like never seen before. With more prospective buyers than available housing inventory, home prices skyrocketed as buyers in many markets began bidding wars over homes, many of which sold for substantially more than their list price.

Forbes reports that the market began to cool in mid-2022, with the first year-over-year drop in median home prices reported in the spring of 2023. Rising interest rates and an expected entry into a recession by the end of this year by market analysts have some believing that median home prices will continue to dip until they level off. However, the shortage of available housing is still keeping home prices much higher than they were pre-2020, and some local markets are beginning to see increases again, despite what the national trends are showing.

What does this mean in North Scottsdale?

The median listed home prices reported in the spring of 2023 sat at 925K. This is an increase of 2.8% from April 2022. But when the data for homes sold is explored, it paints a different picture. The median sale price was just under 800K, a decrease of 1.82%.

Even though median home prices did drop slightly, experts still maintain that it is a seller’s market in Scottsdale. The city's limited number of luxury homes means buyers might still be willing to pay up to and beyond the list price.

If you are considering selling your high-end real estate in Scottsdale, now would be the perfect time to discuss your options with an agent. If the national forecast for the end of 2023 holds true in this local market, median home prices here might drop a bit, meaning you won’t get as much from your investment if you choose to sell at a later date.

And if you want to buy luxury property in Scottsdale, you’ll want an agent like Miki Nakajima, who can negotiate like a pro.

You might be thinking that you can discover high-end real estate on your own. Indeed, there are a lot of properties listed online that fit this criteria. But many prospective luxury property owners don’t realize that many of the homes you’d be interested in aren’t listed publicly for sale. To get access to them, you’ll need to pair with a real estate agent that specializes in this niche market. Here is why.

These homes are often for sale by word-of-mouth only. As many of their current owners are higher-profile citizens, they wish to keep their properties from being publicly listed on an MLS. To protect their privacy, they will consult with a trusted agent who will find them a buyer quietly.

While there are many trusted real estate professionals in Scottsdale, you’ll want one that lists luxury real estate as a specialty when you are ready to begin your search. No matter where the North Scottsdale luxury real estate trends are currently sitting, only an agent with experience in this market and the proper connections will be able to match you to the most high-end estates in this city.

Within these luxury homes, you’ll find specific trends worth noting. Whether it’s a well-equipped home gym or a high-tech home theater, you can be sure that a good number of these homes in North Scottsdale have them within their walls.

One trend in luxury real estate that has been catching momentum is to create livable outdoor spaces. Covered patios and decks, many bordering in-ground pools, are being furnished and equipped to make a second living space. Often plush, comfortable furniture surrounds big-screen televisions. The latest sound systems are installed and connected to Bluetooth speakers that give warmth and atmosphere to social gatherings.

Inside these homes, the trend is to have connectivity to what has become known as the Internet of Things. Via smart devices or voice commands, homeowners can control everything from the lighting to the drapes. When looking at high-end real estate in Scottsdale, ask if the home has been connected.

The decision to buy or sell high-end property is one that should require careful consideration. If the North Scottsdale luxury real estate trends appeal to you as a buyer or seller, you will be at a significant advantage in gaining insight from a real estate professional. Pairing with an agent who has a proven track record with luxury properties will make your purchase or sale stress and hassle-free. An agent like Miki Nakajima has vast experience in the luxury real estate market in Scottsdale and will be able to guide you through the entire buying/selling process.