Sedona's real estate market is experiencing a price correction, with values down 5.7% from last year. Home prices have increased 12.9% in the past month alone. With 2.8 months of supply, Sedona's inventory levels remain relatively tight. Homes are now taking an average of 80 days to sell, significantly longer than the 30 days typical for this market. A significant 23.9% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Only 0.0% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the Sedona market with the affordability index at 463.4. Based on current market indicators, home prices in Sedona are projected to decrease by approximately 10.4% over the next month.