03/07/2026
Here are some interesting (and conversation-worthy) details about the housing market in Prescott that many people don’t realize:
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🏡 1. The “typical” home price is around $590K
• The average home value is roughly $592K–$595K. 
• The median sale price recently hovered around $581K. 
• That’s about 34% higher than the U.S. average. 
➡️ For a relatively small mountain town, Prescott is surprisingly expensive.
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📉 2. Prices have cooled slightly
After the big pandemic boom, prices are flattening:
• Home values fell about 0.7–1.5% year-over-year recently. 
• Many listings are seeing price cuts (over 40%). 
➡️ This suggests the market is shifting from the extreme seller’s market of 2020–2022 toward something more balanced.
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⏱️ 3. Homes are sitting longer than before
• Average time to sell: ~78 days. 
• In some reports it’s closer to 90–99 days. 
➡️ A few years ago homes often sold in weeks.
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📈 4. Prices exploded in the past 5 years
From 2019 to 2024:
• Single-family homes rose about 63%. 
• Condos/townhomes increased around 71%. 
➡️ Prescott saw one of the biggest price surges among small Western cities.
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👵 5. It’s one of the oldest housing markets in the U.S.
• Median age in Prescott: ~60 years old. 
• About 40% of residents are over 65. 
➡️ This creates huge demand for:
• single-level homes
• retirement communities
• lock-and-leave properties
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💰 6. Most homeowners have huge equity
• 83% of properties have more than 50% equity. 
• Many homes are fully paid off. 
➡️ That’s largely because retirees often move there with cash from selling homes in California or Phoenix.
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⚠️ 7. Locals can’t afford the typical home
• Median household income: ~$69K. 
• Affordable home price for that income: about $243K. 
But:
• Only ~6.6% of homes sell under $300K. 
➡️ That affordability gap is one of the biggest issues in the local market.
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🏜️ 8. Prescott is a national retiree real-estate hotspot
The Prescott–Prescott Valley area holds about $27B in housing wealth owned by retirees, ranking it among major retirement real-estate hubs in the U.S. 
➡️ Retiree migration is a major driver of demand.
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✅ Short summary:
Prescott’s market is expensive, retiree-driven, equity-rich, and currently cooling slightly after huge pandemic growth.
