AriZona Real Estate insider!

According to a recent PropertyShark study, Arizona’s luxury market is making a strong comeback. In 2024, 67% of the most exclusive zip codes in the U.S. saw prices increase, with Paradise Valley’s 85253 leading the way in Arizona. This ultra-elite neighborhood reached a new record median sale price of $3.25M, marking a 16% rise from last year and a 222% increase compared to pre-COVID levels in 2019.

Key Highlights:

• Paradise Valley (85253): Now ranks as the #27 most expensive zip code in the U.S. (its highest ever).
• 222% Increase: Compared to 2019, the 85253 area is now more than double in value.
• Other Record Setters: Besides Arizona, states like Florida and New Jersey also hit new price records in 2024.
• National Rankings: Atherton, CA, remains the #1 most expensive zip code for the 8th year, though it dipped below $8M.
• Regional Focus: 78% of the priciest zip codes cluster in areas like the Bay Area, metro L.A., and New York.

While Arizona only had one zip code to make the top 100, Paradise Valley’s rise highlights the state’s growing luxury market. You can check out more details and the full report here: Most Expensive Zip Codes in the U.S..

This article’s information was presented to me by Marianne Moraru, Marketing Communications Specialist at PropertyShark. Marianne’s insights provided a valuable perspective on Arizona’s luxury real estate market, particularly the growth and trends in Paradise Valley. I appreciate the collaboration, which helps keep you updated on the latest data and opportunities in the Arizona real estate scene.

AZREi

Earlier this year, we wrote a piece titled “4 Reasons to Invest in Paradise Valley”, and the recent price increases only reinforce why this area is such a great place to park your money. The real value in Paradise Valley lies in the land. Developers are buying up older million-dollar homes on acre lots, tearing them down, and building brand-new luxury estates in their place.

I recently did an appraisal on a home purchased for around $1.6M three years ago. The owner tore it down and is now building a modern contemporary home. The projected value of the new home? Around $9M once completed. The return on investment in this area is undeniable.

Every home I’ve sold in Paradise Valley has gone up in value, proving the strength of this market. If you have the means, I don’t see why you’d invest anywhere else in Arizona. – Juan C Pesqueira

In Spanish/Español

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