CAVE CREEK LUXURY HOMES FOR SALE & REAL ESTATE LISTINGS

As of June 2024, the Cave Creek housing market saw a significant decline of 43.5% in median home prices compared to the previous year, with homes selling for a median price of $915K. However, homes in Cave Creek are selling considerably faster, with the average property spending 60 days on the market, down from 120 days last year. The number of homes sold has also decreased, with 9 transactions in June this year compared to 12 during the same period last year. This notable drop in prices, combined with a faster sales pace and a reduction in the number of transactions, could suggest a shifting market with fewer high-value sales.

Cave Creek's housing market is relatively less competitive, with homes generally selling within 79 days. Multiple offers are uncommon, reflecting lower overall demand. On average, homes in Cave Creek sell for about 5% below the listed price and go pending in around 79 days. However, highly desirable homes, or "hot" homes, may sell for closer to the list price and go pending faster, typically within about 49 days. This suggests that while the general market is slower and less competitive, the most sought-after properties can still attract quicker sales and closer to asking prices.

Cave Creek is attracting homebuyers from several major metropolitan areas, with the largest number coming from Los Angeles. Seattle and San Francisco also contribute significantly to the influx of new residents. Nationwide, 2% of homebuyers are searching to relocate to Cave Creek from outside metropolitan areas, indicating the town’s appeal to those from larger cities possibly seeking a different lifestyle or a more desirable environment.

Conversely, 74% of Cave Creek homebuyers are looking to stay within the Cave Creek metropolitan area. Among these, Prescott Valley is the most popular destination, followed by Show Low and Flagstaff. This trend suggests that while Cave Creek is drawing interest from several major cities, a significant portion of its residents are opting to remain within the broader metropolitan region.