Quad Cities home prices continue to grow as sales soften

Prescott, AZ – The median sales price of homes throughout the Quad Cities rose nearly 20% in April 2022 compared to last April as the prices continued to post year-over-year increases, according to the housing market report released today by the Prescott Area Association of REALTORS®. (PAAR). The Quad Cities median home sales price was $455,000 in April. Home sales fell off last April’s pace by 6.8% to finish April 2022 at 355.

The median sales price in Prescott was $602,333, an increase of 18.7% compared to April 2021 and the highest median price throughout the Quad Cities. However, the Prescott median sales retreated 7.5% from its 2022 highwater mark of $651,500 in March. April home sales in the area matched the April 2021 total of 138. Homes went under contract in a median time of six days.

Prescott Valley’s median sales price grew by 15.5% from a year ago to reach $440,000 in April. The April median price also declined 4.3% from its 2022 high of $460,000 in March. Six days represents the median time a home was on the market there. The 111 homes sold during March were one less than the March 2021 total.

“Today’s homebuyers remain motivated to find their next home in the Quad Cities before any additional mortgage rate increases,” said George Beitzel, 2022 PAAR president. “However, as rising mortgage rates and inflation stretch buyers’ budgets, they are becoming more restrained in their offers. While Prescott Area REALTORS® are still helping buyers and sellers navigate multiple offers, the red hot bidding wars of the past 18 months are cooling as are final selling prices.”

“While rising interest rates and the overall state of the economy will undoubtedly continue to have an impact on the housing market, the typical life circumstances that result in someone wanting to buy or sell a home will remain constant and generate activity throughout our region,” said Beitzel. “Prescott Area REALTORS® continue to project an active late spring and summer market in the Quad Cities with some moderation in closed sales and price growth.”

Chino Valley had a median price increase of 36.9% compared to a year ago, reaching $423,750 in April. The 36 closed homes sales were down 18.2% compared to April 2021. Dewey-Humboldt had 27 closed home sales, a decrease of 6.9% from a year ago. The median sales price was $430,000, an increase of 15.3%.

There were 615 homes listed for sale in the Quad Cities at the end of April, a 64.9% increase from the April 2021 total of 373.

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.

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