New data shows a significant drop in home prices in Prescott—with the area seeing the steepest decline in Yavapai County.
According to the County Assessor, the median sales price for single-family homes in Prescott fell to just over $519,000 in October—down five point three percent from last year.
Local realtor data reflects a similar trend. The Prescott Area Association of Realtors reports a four point three percent drop in median prices based on MLS sales.
CEO of the Prescott Area Association of Realtors, Carla Dane, says inventory is a key factor. In her words, “With more homes available, buyers have greater choice and less urgency to act, while sellers face increased competition that can drive prices down.”
She adds that higher interest rates are also weighing on the market by limiting buyers’ purchasing power.
Jennifer McGovern with the County Assessor’s Office says a drop in median price doesn’t always mean overall value is falling:
Sales patterns can vary month to month, so broader market trends may become clearer heading into winter.