Why Invest in Real Estate in Prescott, Arizona?
Retirement, job growth, climate, real estate value… These are some of the reasons that make Prescott, Arizona an investor’s dream!
Let’s start with Prescott as a retirement destination. Known as “Everybody’s Home Town,” Prescott is ranked by Money Magazine as a top 20 place to retire in the United States year after year. Many people choose Prescott with a low cost of living.
But the destination people choose for retirement is about more than just affordability. Safety, recreation, culture, and climate are equally important qualities to retirees. Kiplinger Report February 8, 2015, selected Prescott as one of the 10 affordable cities that offer retirees “…diverse choices in terms of size, climate, geography and lifestyle.”
Job growth is one of the huge factors that impresses savvy real estate investors. Sperling’s Best Places has noted that the Prescott job market has increased by 2.9% over the last year, while job growth over the next decade is predicted to be 39.9%. That is higher than the US average of 38.0%. Much of this growth is in the fields of professional, scientific, technical services.
Mile-high Prescott is known for its ideal four-season climate. The mild mountain breezes are fresh and sweet. Prescott is usually about 20 degrees cooler than Phoenix.
Prescott is a center of cultural and artistic attractions and brings visitors from all over to visit the diverse theatre, music events, museums and art galleries. In addition to the many galleries, you can see art hanging in various non-gallery locations such as restaurants and cafes. McCormick Arts District and the Mountain Artists Guild sponsor monthly art walks. These art walks focus on everything from formal gallery showings featuring well known artists to independent student study shows exhibiting diverse styles and mediums.
Real Estate Value
Yes, now let’s get down to the bottom line for the real estate investor: value. The median home value in Prescott is $364,100. That is significantly higher than the national median home value, which is $225,300. Prescott home values have gone up 6.6% over the past year. Zillow predicts they are going to rise 4.5% within the next year. You ask, “But how much are they selling for?” The median price of homes currently listed in Prescott is $448,000 while the median price of homes that sold is $348,900. Compare that with the national figures. The median price of homes currently listed in the United States is $275,000 while the median price of homes that sold is $226,500. The median rent price in Prescott is $1,625, $25 higher than the national median.
If you haven't considered investing in Prescott real estate for yourself, as a rental property, or lodging for thousands of visitors every year, don't you think it's time? Contact us today to learn more.