Unraveling the Luxury Real Estate Market in Paradise Valley
Picturesque Paradise Valley, Arizona is a top luxury real estate market. After a small decrease in sales over the winter season, the region is once again gaining momentum. It’s no surprise, considering this is the wealthiest city in the state.
What is surprising is the rate at which the sales are increasing. Estimates indicate that the number of Paradise Valley homes sold has already surpassed 2022’s total numbers. Those properties had an average sale price of around $4.5 million.
Arizona also ranks highest when it comes to the percentage of inbound relocations over the previous two years, which saw diminished supply. New luxury homes are under construction to help ease the burden and give homebuyers more options.
Who is Shopping for Paradise Valley Luxury Homes?
Paradise Valley luxury homes appeal to a broad range of people. It’s a quiet, safe town for families with children. Professionals will find a wonderful place to relax between business trips. The climate, favorable taxes, and convenience also make it a first choice for many retirees. And despite its calm atmosphere, Paradise Valley borders cities that boast an active nightlife with bars, lounges, social clubs, and more.
The high-end homes found here have attracted the eyes of millionaires from all over the United States. Many find that they can join an affluent community that’s not overcrowded or overpriced like many other cities in the country.
That’s not to say that homes in Paradise Valley come cheap. Property prices have doubled compared to where they were a few years ago. Those values will likely continue to climb as demand grows.
The pandemic helped shape the luxury home market we see today. Before 2020, most buyers came from within Arizona with a few out-of-state relocations. Now, a flood of out-of-state buyers have moved in, searching for high-end homes.
Not only is this placing a higher demand on Paradise Valley properties but is also increasing the overall wealth of the community.
A Community Rich in Amenities Attracts Homebuyers
A charming atmosphere is only one of the many reasons why luxury homebuyers want to move to Paradise Valley. What was once considered a little-known Arizona suburb is now growing in popularity as homebuyers look beyond big cities in places like California, Florida, and New York.
The region is packed with amenities and attractions, including:
- Desert hiking and biking trails
- Breathtaking natural scenery
- Exclusive golf courses and clubs
- High-end shopping experiences
- Casual and fine dining
- Luxury resorts and spas
Living in Paradise Valley, Arizona puts residents close to downtown Scottsdale and downtown Phoenix. Both cities expand on these amenities, with other unique attractions like Frank Lloyd Wright’s former home and studio Taliesin West or the historic Old Town Scottsdale with its 1920s era buildings.
The Phoenix Sky Harbor International Airport is also nearby, allowing residents to easily travel for business or pleasure.
As luxury home prices continue to increase, now is the best time to find a place for yourself in Paradise Valley. Previous years saw significant increases in property values, and those numbers don’t show signs of slowing down anytime soon.
Paradise Valley Housing Market Trends for 2023
The Paradise Valley housing market has shifted in favor of sellers due to limited supply. New developments are in the works, helping to ease the shortage.
Residents are also choosing to remain in the area. Around 73% of homebuyers in Paradise Valley chose to buy within the city. The lower number who left preferred Prescott Valley followed by Flagstaff and Show Low.
Newcomers from other big metropolitan areas have noticed Paradise Valley. The highest number of homebuyers came from Seattle, Washington followed by Los Angeles, California and Tucson, Arizona.
After Seattle, Los Angeles, and Tucson, the most inbound relocations are coming from:
- Chicago
- San Francisco
- Portland
- Houston
- San Diego
- Denver
- Minneapolis
Paradise Valley’s median price per square foot is around $824, which is a 27.5% increase from 2022.
Families with children looking for Paradise Valley real estate will find two public schools, nine private schools, and one charter school in the area.
Paradise Valley Luxury Homes Are a Better Investment
Paradise Valley, Arizona may be a lesser-known town compared to places like Malibu, but it has proven to be a better investment for many homebuyers. Comparing top properties reveals the more spacious, amenity-packed properties in Paradise Valley provide more at the same price.
Hockey Hall of Famer Chris Chelios’ Malibu beach home and Palo Cristi Estates both come with a $75,000,000 price tag. When you compare luxury properties side by side, Palo Cristi has more to offer, including 40,000 livable square feet compared to Chelio’s 3,795. Palo Cristi has 13 bedrooms while Chelio’s beach home has just four.
Paradise Valley’s Palo Cristi also surpasses Cher’s Malibu villa, which includes just seven bedrooms and 13,126 livable square feet.