The number of homes listed during the month of January in the Quad Cities increased by 7.9%
year-over-year, according to the housing market report released by the Prescott Area Association
of REALTORS® (PAAR). A total of 272 homes were listed for sale last month compared to
only 252 in the year prior. The number of new listings increased in each of the Quad Cities but
Prescott Valley, which experienced a minor decrease of 3 less new listings in January of this year
compared to last. Dewey-Humboldt saw the largest increase of new listings with a considerable
44.4% change year-over-year, while Prescott and Chino Valley sustained 9.2% and 14.3%
increases, respectively.
In terms of total sales, the amount in the Quad Cities declined by only 1.1% in the form of two
less sales in January of 2024 compared to January of 2023. Prescott experienced a notable 23.2%
increase in sales, while Chino Valley and Dewey-Humboldt saw sales increases of 6.7% and
7.7% individually. The only city that reflected a decrease in sales was Prescott Valley, with a
decrease of 25.3% year-over-year. January saw 207 sales in the Quad Cities with Prescott
leading at 85.
The amount of active inventory has steadily increased with the addition of many new listings in
the area despite the minor decline in overall sales in the Quad Cities. An overall increase of
20.7% in active inventory year-over-year occurred in the Quad Cities, with noticeable growth in
each one of the four cities. Dewey-Humboldt saw a 36.1% positive change in the total amount of
active inventory, and Chino Valley was close behind with a 31.1% increase. A 13.5% increase
was seen in Prescott, while Prescott Valley had an inventory increase of 25.4% regardless of a
decline in new listings. With an increase in active inventory across the Quad Cities comes an
overall rise in months of inventory by 22.5% year-over-year. The four cities have a combined 4.9
months of inventory available to buyers, with the only decrease from 2023 to 2024 occurring in
Prescott in the amount of 9.3%. Prescott Valley exhibited the greatest escalation in months of
inventory with a substantial 68% hike year-over-year. The median number of days on market for
listings in the Quad Cities is 64 days.
The median sales price of homes in the Quad Cities rose by 11% in January of this year
compared to last. Two of the four cities contributed to this overall increase with their own
respective raises, while the other two cities underwent decreases in sales prices. Prescott and
Chino Valley both experienced increases of 11.7% and 2.3% respectively, with the median sales
price sitting at $575,000 in Prescott and $377,500 in Chino Valley. Prescott Valley experienced
only a 3.9% decrease with the median sales price settling at $440,000, while the median sales
price in Dewey-Humboldt declined to $342,950, a 10.9% decrease.
“As the year begins, more homes are being put on the market increasing the overall amount of
inventory,” said Jeanelle Shearer, PAAR’s 2024 President. “With increased inventory and an
anticipated decline in interest rates, more buyers will enter the market. An experienced
REALTOR® can guide buyers through the home buying process as the housing market gains
momentum in 2024.”
Editor’s Note: All data is compiled from the Multiple Listing Service of the Prescott Area
Association of REALTORS® and includes single-family, manufactured, mobile, modular,
condos, and townhouse residential activity in Prescott, Prescott Valley, Chino Valley, and
Dewey-Humboldt.
