The start of 2025 saw high home prices in the Flagstaff area continue, according to data from regional and state realtors associations.
The January 2025 Market Review, published by the Northern Arizona Association of Realtors (NAAR), found that the median sales price of residential homes in Flagstaff was $725,000 in January 2025.
This is an 8.2% increase from December鈥檚 median price, and a 9% increase from January 2024.
Adding in the surrounding areas of Munds Park, Bellemont and Parks, the median residential sales price was $695,000 in January, sitting at 10.1% higher than in December and 15.4% more than the previous year.
Residential homes in Flagstaff sold for $384 per square foot this January.
The month saw 79 sales close in Flagstaff and 114 new listings surface. The city had 2.9 months' supply of inventory -- which was 47.6% higher than in December and 22.8% higher than January 2024.
The January 2025 Housing Report from the Arizona Associations of REALTORS says that six months is considered a balanced market, and that Arizona鈥檚 current inventory of five months (22.5% higher than in January 2024) indicates a seller鈥檚 market.
Homes in Flagstaff were on the market for a median of 91 days (19.5% lower than in December) and were sold for 97.3% of list price (this is the same as last January and only 0.3% lower than in December).
The Arizona Associations of REALTORS report places the state鈥檚 median sales price for homes as $445,000, which is 5.4% higher than the previous year. It includes a map that shows Coconino County as having the highest median sales price of Arizona鈥檚 counties, and La Paz and Greenlee having the lowest.
Arizona鈥檚 total listings (39,820) are higher than the previous month and year, while sales (6,172) are down from the previous month. The majority of both listings and sales were in the $375,000 to $499,999 range, followed by the $250,000 to $374,999 range, then the $500,000 to $624,999 range.
At the end of 2024, the City of Flagstaff published a Housing Needs Assessment Compliance Index to meet the requirements of ARS 9-469, which required municipalities to publish a housing needs assessment including several specific items every five years, starting on Jan. 1, 2025.
It included that the city has 160,154 acres of land zoned for single-family use and 40,764 acres for multi-family as of Dec. 31, 2024.聽
The city is estimating a population growth of around 1,638 between this year and December 2030.
This was calculated using population projection estimates from the Arizona Office of Economic Opportunity -- the office's medium growth projection for Coconino County predicts a 0.4% population growth each year between 2026 and 2030 (growth is projected at 0.6% for 2025).
Flagstaff's first report referred to both its 10-year housing plan and a city workforce analysis report from May 2024 for multiple items. As one example, the analysis predicted that the leisure and hospitality industry would add the most jobs in Coconino County over the next 10 years.
The NAAR market review can be found at , with the monthly report from聽Arizona Associations of REALTORS at .