Scottsdale, AZ

The ZIP code 85251 housing market in May 2026 is characterized as Very Weak, primarily due to a significant year-over-year decline in the pending ratio and sustained inventory growth.

The median listing price experienced notable declines, dropping 6.4% MoM and 12.4% YoY to $600,000. Active listings rose 15.6% YoY to 437, while new listings remained flat YoY at 92. The median days on market increased by 12.1% YoY to 79 days, indicating a slower absorption rate. A significant 29.9% of listings saw price reductions, up 4.5% YoY. The pending ratio decreased 12.0% YoY to 0.23, with 99 pending listings against 437 active listings.

The escalating active listings and the declining pending ratio suggest increasing inventory pressure. The significant increase in median days on market and the high percentage of price reductions indicate a market where sellers are exhibiting limited price discipline, likely leading to longer marketing periods and a weaker negotiating position.

The average listing price of $1,093,710 significantly exceeds the median listing price of $600,000, underscoring the presence of a luxury segment. However, the median price per square foot declined 2.0% YoY to $426, suggesting that even the higher end of the market is experiencing downward price adjustments.