Home Prices in the Sedona area peaked in 2006, before the crash, and started the road to recovery in 2012. It was just last year when prices finally got back to the 2006 high water mark. But what can we expect as we go forward?
The graph below shows historical home prices in our area from 2000 until the present, and then projected prices until 2024. These projections come from Collateral Analytics, and they show continued moderate growth, with a possible dip in 2021. The main driver continues to be under-supply, and with relatively high building costs, that is likely to continue. So if you're waiting to buy a home until prices come down, you may want to reconsider that decision.