The number of homes listed during February in the Quad Cities increased by 13.5% year-over-year, according to the housing market report released by the Prescott Area Association of REALTORS®.
Last month, 286 homes were listed for sale compared to 252 in February 2023. Across the Quad Cities, the number of new listings increased in each area except Dewey-Humboldt, which experienced a 4.2% decrease in February compared to 2023.
The amount of active inventory in the Quad Cities has continued to rise at an impressive rate with the influx of new listings. The area experienced a 32.1% increase in active inventory year-over-year, with substantial rises in each of the four areas. Chino Valley saw the greatest increase at 47% with 97 active listings this February compared to 66 in 2023.
The median number of days on market for listings in the Quad Cities during February was 56 days, a 36.6% increase year-over-year. Despite an overall positive change in the median number of days on market in the four cities as a whole, only Prescott saw an individual increase while Prescott Valley, Dewey-Humboldt and Chino Valley saw decreases. Prescott experienced an astounding 156.7% increase in the median number of days on market for listings, sitting at 77 days last month.
The median sales price of homes in the Quad Cities rose by 3.1% year-over-year, with only one city contributing to the overall increase. Prescott experienced a 20.4% increase in the median sales price of homes, while the other three cities all saw noticeable decreases. The median sales price dropped the most in Dewey-Humboldt, decreasing 24.4% and settling at $310,000. Chino Valley and Prescott Valley both experienced reductions of 7.7% and 3.7%, respectively, with the median sales price sitting at $360,000 in Chino Valley and $438,200 in Prescott Valley.
The highest median sales price of all the cities was $589,000 in Prescott. The median sales price in February for all of the Quad Cities was $469,185.
“The housing market has started to take off with an upswing of sales in February across the Quad Cities,” said Jeanelle Shearer, PAAR’s 2024 President. “A larger supply of homes paired with lower prices increases the likelihood of buyers finding a house they love, and can also afford. Potential buyers will continue to enter the market as they see affordable homes becoming more readily available.”
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.
