Is Paradise Valley, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
At the same time last year, Paradise Valley was a Neutral Market.
Housing Prices in Paradise Valley, AZ
How much do homes in Paradise Valley, AZ cost?
Median Sold Price
$3,068,496
$724/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Paradise Valley was $3,068,496 in February 2024, down 2.6% from last year, and the median price per square foot was $724.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $314.5K | $285K | -9.4% |
2 Bedrooms | $515K | $523.7K | +1.7% |
3 Bedrooms | $2.5M | $2.4M | -1.6% |
4 Bedrooms | $2.8M | $2.9M | +2.0% |
5+ Bedrooms | $4.2M | $5.1M | +22.6% |
Summary: Paradise Valley housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.4%, 2 bedroom homes increased by 1.7%, 3 bedroom homes decreased by 1.6%, 4 bedroom homes increased by 2%, and 5+ bedroom homes increased by 22.6%.
Median Sold Price Compared To Nearby Cities
Phoenix | $440.6K | $435.8K | -1.1% |
Scottsdale | $822.6K | $804.1K | -2.3% |
Paradise Valley | $3.1M | $3.0M | -2.6% |
Housing Supply in Paradise Valley, AZ
How many homes are available in Paradise Valley, AZ?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
252 | 278 | +10.3% |
Summary: The Paradise Valley real estate market had 278 homes for sale in February 2024, a 10.3% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 5 | +150.0% |
2 Bedrooms | 19 | 16 | -15.8% |
3 Bedrooms | 20 | 29 | +45.0% |
4 Bedrooms | 77 | 82 | +6.5% |
5+ Bedrooms | 134 | 146 | +9.0% |
Summary: The Paradise Valley housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 150%, 2 bedroom homes decreased by 15.8%, 3 bedroom homes increased by 45%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 9%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
23 | 26 | +13.0% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 26 homes were sold or pending in Paradise Valley in February 2024, up by 13.0% month-over-month. Of the 26 sold homes, 65% were sold under asking, 19% were sold at asking, and 15% were sold over asking.
Days on Market for Paradise Valley, AZ
How long does it take to sell a home in Paradise Valley, AZ?
Average Sale Time
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
92 Days | 60 Days | -34.4% |
Summary: Homes in Paradise Valley had an average of 60 days on market in Feb 2024, down by 34.4% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During February 2024, 26 homes were sold in Paradise Valley; 42% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.