The median sales price for single family homes in the Sedona area for the first quarter of 2021 came in at $827,550, up 44% from the first quarter of 2020. According to real estate agents, the incline in prices stems from exodus of residents from California, use of 1031 exchanges to avoid tax penalties, a spike in short-term rental housing investments, more work-from-options due to the COVID-19 pandemic and a decrease in new home building with lumber costs up 377% over 2020. Graph courtesy of Randy Crewse
Four times a year, Randy Crewse, of Arizona Prime Real Estate, puts together an analysis of the state of the real estate market in Sedona and the surrounding areas, taking into account home prices, the number of homes on the market, and how quickly homes are bought once they are on the market.