Fancy living: Scottsdale ranked among top five cities for luxury homes

Feb 26, 2018, 4:54 AM




PHOENIX — If you are in the market for a new home and are looking to live a life of luxury, this Phoenix-area town may be perfect for you.

According to a recent report from Coldwell-Banker, Scottsdale was ranked among the top five cities in the country for luxury markets for homebuyers.

The study found that the median monthly inventory list price for single-family homes in the area was $2.2 million, while condos will run closer to $663,000.

However, those luxury homes often stay on the market for a while: The median number of days that a single-family home stayed on the market in Scottsdale is 142. For condos, the number of days was 84.

At any given time, there are an average of 755 single-family luxury homes on the market in Scottsdale, the study found.

Wendy Walker, a sales associate with Coldwell-Banker in Scottsdale said in a press release that Scottsdale is “popular with the ultra wealthy baby boomer from Chicago, California, Milwaukee and Canada,” but is now experiencing a new wave of popularity with New Yorkers.

Walker also said with this shift in residents comes a shift in spending power, “with large mansions being torn down and rebuilt with an eye to less living space but more storage for toys and cars and mid-size luxury homes completely remodeled.”

The study found that the luxury home market was “stable, consistent and solid” in 2017.

Homebuyers who are thinking of settling in Scottsdale can make upwards of two and three times their original investment by purchasing a home in the area, Walker added.

“Scottsdale showed lower median sales-price-to-list-price ratio, an increasing number of listings, median higher days on market and a stable or decreasing median list price over the year,” the study said.

The other cities that ranked among the top in the nation for luxury homes included Boca Raton, Florida; Miami, Park City, Utah and Santa Barbara.

For those looking to save some money and still live the high life, the study found that Raleigh-Durham in North Carolina was the most affordable luxury market for single-family homes.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

The two men killed in the crash were both from India and were both 19-years-old, according to Peori...

2 dead, 2 more hospitalized after crash in Peoria near Lake Pleasant

Two people were killed and two others were hospitalized in a head-on collision in Peoria, near Lake Pleasant, on Saturday night.

6 hours ago

Phoenix experienced its first 100-degree day of the year on April 21, 2024. The daily average tempe...

Phoenix records first 100-degree day of 2024

After a wet and cool start to the year, Phoenix experienced its first 100-degree day of the year on Sunday.

7 hours ago

Carlos Rivas is among the performers for this year's Scottsdale Jazz Festival. (Scottsdale Jazz Fes...

Damon Allred

Sounds of New Orleans hit Old Town for Scottsdale Jazz Festival

The jazz festival billed as "Arizona's Most Beautiful Jazz Event" is coming to the Scottsdale Civic Center in Old Town this week.

9 hours ago

Olivia Gerits (Chandler Police Department)...

Missing 13-year-old Chandler girl found safe, 21-year-old man detained

A 13-year-old girl who was missing for more than a week was found safe and reunited with her family on Sunday afternoon.

11 hours ago

woman holds money and types into computer...

Weekend wrap-up: Here are the biggest Phoenix news stories from April 19-21

From freeway construction to street gang indictments, here are the biggest Valley news stories from over the weekend.

11 hours ago

University of Arizona President Robert Robbins is seen walking on the Tucson campus....

Associated Press

Robbins: Fiscal year 2025 UArizona budget deficit may be reduced by $110M

Outgoing University of Arizona president Robbins has announced “encouraging news” about the college’s finances.

13 hours ago

Sponsored Articles



Desert Institute for Spine Care is the place for weekend warriors to fix their back pain

Spring has sprung and nothing is better than March in Arizona. The temperatures are perfect and with the beautiful weather, Arizona has become a hotbed for hikers, runners, golfers, pickleball players and all types of weekend warriors.



Here are 5 things Arizona residents need to know about their HVAC system

It's warming back up in the Valley, which means it's time to think about your air conditioning system's preparedness for summer.


DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

Fancy living: Scottsdale ranked among top five cities for luxury homes