by Tod Christensen, Russ Lyon Sotheby’s International Realty
In the summer of 2019, Russ Lyon Sotheby’s opened our office at the corner of Willow Creek Road and Smoke Tree Lane. We take great pride in offering luxury customer service to all of our customers, regardless of price point.
However, we have been widely recognized for our abilities to convey luxury properties. At the time, and to this day, the price point for a luxury home would be $1 million-plus. In 2019, according to MLS records, 43 homes sold for more than a million dollars.
The average sale price was $1.34 million. At that time, I as manager and the owners of the company, saw potential written all over Prescott. If you live here I don’t think I need to explain all the beauty and charm that Prescott has to offer, and if you don’t live here but are reading this, then you probably have seen it with your own eyes.
And just as we expected, the luxury market has shown steady strong growth.
In 2021, the number of luxury homes sold increased to 166. Almost four times what was sold just two years prior. Now fast forward to 2024 and that number is now 270 luxury homes sold!
Now the interesting part of all of this is that the average sold price, while steadily increasing, has not increased significantly. In 2024, the average sold price was $1.41 million. That shows just a typical annual increase in home appreciation from 2019.
But the bottom line is Prescott has been discovered, and it’s likely never going backward. Five times as many luxury homes were sold last year than just five years previously. We saw this type of movement two decades ago in Sedona, and it has never looked back either.
As always, consult a professional real estate advisor when determining your homes value or the value of a home you are considering purchasing.
