Paradise Valley Real Estate Market Forecast 2023

Paradise Valley Real Estate Market Forecast 2023

  • ROCO Luxury Homes
  • 06/26/23

The Maricopa County gem of Paradise Valley is nestled next to Phoenix and Scottsdale. A tour of this affluent town and its high-end real estate landscape will quickly answer why it has been dubbed “The Jewel of The Desert.” Those fortunate enough to call Paradise Valley home can get geared up to enjoy one of the country clubs, golf courses, or parks or take their pick from a variety of dining and entertainment experiences. Everywhere you turn, you can take in the breathtaking landscape surrounding this town.

The Paradise Valley real estate market is consistently sought-after, with gorgeous homes commanding high prices. If you’re interested in learning more, read on!

An overview of the Paradise Valley market

Compared to the chaos of last year, moving into 2023, the market has cooled off a bit in this desert town. As of the latest market report by the Scottsdale Realtors, the median sales price for Paradise Valley homes sits just under $3 million. Compared to the year prior, however, the median sales price was $3.5 million.

Even though the market has cooled slightly since a year ago, overall, the Paradise Valley real estate market is projected to show a 10.8% home value appreciation in the next 12 months. It’s also important to note that Paradise Valley sees much higher prices than the rest of Maricopa County, Arizona, and the entire country as a whole.

This year’s real estate has been selling, on average, after three months on the market. This is excellent news if you are in the market to purchase a property in Paradise Valley since sellers tend to get anxious if their home sits for longer than a couple of weeks. On the flip side, buyers can take a little more time as they weigh their options.

If your heart is set on Paradise Valley real estate, the slightly cooler market could give you the opportunity to buy your own piece of paradise in the desert. Those aiming to sell their Paradise Valley home can capitalize on the fact that property here is highly desirable, with features that appeal to modern buyers in search of luxury homes. Whether you’re buying or selling, working with an exceptional agent will help you achieve the results you’re hoping for.

Listings on the market

Last year, the Paradise Valley housing market strongly favored sellers, with prices absolutely soaring. From April 2021 to 2022, for instance, the median list price shot up by 60.8%, from $3.295 million to $5.3 million. Likewise, the median sale price rose from 2.3 million in April 2021 to $3.5 million in 2022. In 2023, now that we are experiencing a slightly cooler market, what should you expect?

Buyers may encounter sellers who are more willing to negotiate on the price or contingencies for their existing listings. While the cost of living in Paradise Valley is steep compared to surrounding communities, the leveling out of the real estate market has been an incentive for buyers to invest in this ever-changing real estate game.

Housing options in the area

With luxurious amenities and picturesque views, purchasing a home in Paradise Valley is not a desert mirage but a true oasis. The real estate landscape here is truly impressive, featuring luxury mansions on expansive acres alongside gorgeous villas and spacious single-family properties. Here, you can find magnificent vistas of Camelback Mountain and the rugged terrain. Luxury homes promise amenities all around, with unique stonework exteriors, marble and stone fireplaces, modern fixtures, Olympic-sized swimming pools, built-in movie theaters, and much more. According to the Scottsdale Realtors, 94% of Paradise Valley residents own their own homes; this is considerably higher than in the rest of Maricopa County and in the state as a whole.

Why buy a home in Paradise Valley?

Paradise Valley is a highly sought-after locale for real estate seekers from all over the country in search of a beautiful home in a fantastic location. The area features numerous fine dining destinations, luxury resorts, unique shopping spots, and stunning hiking trails ready for exploration. Thanks to its gorgeous mountainous backdrop, spacious homes with plenty of land, and various community amenities, Paradise Valley real estate promises strong returns on your investment.

Paradise Valley has become known for its highly-rated schools, quiet streets, and gorgeous neighborhoods. These impressive communities harbor beautiful estates with spacious lots, which are one of the biggest attractions for the market. These top-tier attractions and home features should continue to drive the market higher and higher year over year.

So, do not miss the mark to buy into the Paradise Valley market now. With interest rates leveling out and the price points in the area cooling off slightly, you should strike while the iron is hot and watch as your investment rises in value over the years. Working with a top agent will help you find an amazing property that is sure to pay off in dividends when it comes time to sell in the future.

Do you have a real estate agent yet?

Buying and selling real estate is an exciting time in your life, and it is vital to work with a professional agent who will guide you through the entire transaction. If you’re seeking a new home, your agent will provide exceptional market insight and connect you with properties that align with your goals. If you’re selling, they will help you determine an accurate listing price and utilize marketing strategies that get results every time.

The talented Realtors at ROCO Luxury Homes have led many clients to the closing table, whether buying their dream home or selling their family property. With grace and industry expertise, the team is ready to ensure your questions are answered and that you are well-informed throughout your real estate journey. Contact the team today to discuss your plans in Paradise Valley real estate and take action toward your next chapter.

*Header photo courtesy of Shutterstock

Recommended Reading: ROCO Luxury Homes’ Ultimate Guide to Selling Your Home in Paradise Valley

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