The number of homes for sale in the Quad Cities increased by 18.6% year-over-year in December, according to the housing market report by the Prescott Area Association of REALTORS® (PAAR).
December 2023 ended with 848 homes for sale compared to 715 homes on the market at the same time last year. An 8.2% increase in new listings across the Quad Cities created additional inventory, with a 3.9% increase in new listings in Prescott, an 18.2% rise in Prescott Valley, and a 46.2% jump in Dewey-Humboldt.
The Quad Cities reported 185 new listings and 182 sales in the last month of 2023.
As inventory in the Quad Cities steadily increases, so does time each home stays on the market.
Dewey-Humboldt and Chino Valley saw their days on market increase 27.3% and 35.3%, respectively, while Prescott reported a considerable rise (152.8%) from 36 days a home remained on the market in December of 2022 compared to 91 days at the same time in 2023.
Prescott Valley experienced the only decrease in median days on market, dropping 26.3% year-over-year from 57 to 42 days on market. The months of inventory available in the Quad Cities increased 62.1% from 2.9 months in December 2022 to 4.7 months in December 2023.
Each of the Quad Cities experienced positive changes in their months of inventory year-over-year with Chino Valley exhibiting the greatest increase of 82.8% while Prescott Valley saw a 68% rise.
All four cities displayed increases in the median sales price of homes in December with Prescott and Dewey-Humboldt reporting the greatest increases.
Prescott’s median sales price sat at $635,000 in the most recent month, an 11.4% year-over-year increase, while Dewey-Humboldt showed a smaller change in median sales price with a 10% increase from $417,950 in December of 2022.
Meanwhile, Prescott Valley and Chino Valley remained more stable with less than 10% increases in prices. The median sales price in Prescott Valley in December was $462,500 while Chino Valley reported a price of $425,000.
“We expect the market will still favor sellers, but the expertise of a REALTOR® can help buyers navigate the opportunities of an expanding market in the new year,” said Jeanelle Shearer, PAAR’s 2024 president.
A total of 2,950 homes were sold in the Quad Cities in 2023, with most sales in Prescott, followed by Prescott Valley.
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.
