2024 was a challenging year for Scottsdale North real estate. I’m not talking 2008 tough, but a cold slap in the face nonetheless. Compared to the frenzied highs of the COVID years, 2024 felt like a return to reality—a challenging but necessary adjustment.
All year, we told our clients: this isn’t a market for the meek. If you weren’t fully committed to selling—or just wanted to see if you could beat your neighbor’s record price—this wasn’t the time to try. And that’s exactly what we got: a market that rewarded only the truly motivated.
Nowhere was this more true than in the fourth quarter. The sellers who really needed to move on by the end of the year met the buyers who really wanted to have a home to use this winter. But the deal wasn’t getting done if either side wasn’t fully committed.
We told our clients that emotions can run high, but staying open-minded and focused on solutions is how you move on to the next chapter in your life. And it worked. In the fourth quarter, we led the market by closing 50% more listings than our closest competitor, they sold 61% faster, and at $60 more per square foot.
Even with the beating pricing took in the fall, prices held up for the year as you can see in the Annual Median Sales Price chart below.
In real estate, months of inventory is a key measure of market supply and demand balance. It tells us how long it would take to sell all the homes currently on the market if no new ones were added. In Scottsdale North, 4 months means the market is balanced. Less than that favors sellers; more than that favors buyers.
The chart above shows that the trend is leaning a bit toward a buyer’s market. But the good news is, we’re still in a pretty stable spot—just a little less balanced than we were this time last year.
So that was last year.
What about this year?
While no forecast is perfect, current trends suggest that for the foreseeable future, it looks like more of the same. We haven’t seen many signals telling us 2025 will be any different, with the exception of some optimism for the third and fourth quarters of the year from possible easing of interest rates.
February through May always brings our highest demand of the year, so that will help. Some say events like California wildfires could bring more people to Scottsdale North, much like the demand we saw after past earthquakes. As people look for safer, better places to live, Scottsdale North could offer a fresh start after such unimaginable tragedy.
What will bring our market relief is if inflation numbers start to drop, leading to lower interest rates and improved buyer optimism. As for when that might happen, your guess is as good as mine, but it doesn’t look like it’ll be soon.
Beyond market conditions, local developments like the new park bring long-term value to our community. I’ve been in talks with the city about organizing a grand opening and inviting the new mayor to attend. With some press coverage, we could encourage folks to mosey on up and discover all that Scottsdale North has to offer. While we’ll need to iron out logistics like parking, the park’s opening represents an exciting milestone for Scottsdale North. The park is a symbol of the way the community came together and serves as a testament to the vibrant, active lifestyle Scottsdale North offers. Stay tuned for more updates. Exciting times ahead!
To revisit how our community united to create Scottsdale North Park, visit ScottsdaleNorthPark.com. There, you’ll find key milestones, from initial town hall meetings to overcoming challenges, showcasing the collaborative spirit that brought this vision to life. This park isn’t just a new amenity—it’s a symbol of what Scottsdale North is all about: community, connection, and a commitment to the future.
Whether you’re selling or buying, this is the time to act with purpose. Sellers, the right strategy can make all the difference—partner with a local expert who knows this market inside and out. Buyers, don’t wait for the perfect storm; opportunities like this may not come around again. Let’s make 2025 the year we move forward—stronger, smarter, and with purpose. Together, we’ll create the future we want to see.
Scott Gaertner is an Associate Broker with Keller Williams Arizona Realty who, for over 35 years, has helped more people find their ideal lifestyle in Scottsdale North than anyone else. With more than 800 five-star reviews, Scott is known for his unparalleled expertise and commitment to excellence. He also shares insights on the real estate market and lifestyle interests in the area and is the creator of ConnectingScottsdaleNorth.com. For more information, visit scottggroup.com or call 480-634-5000.