Is Paradise Valley, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
At the same time last year, Paradise Valley was a Seller's Market.
Key Takeaway
Paradise Valley is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices
How much do homes in Paradise Valley, AZ cost?
Median Sold Price
$3,200,000
$703/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Paradise Valley have sold for 3.1% less than they did a year ago.
Summary: The median home sold price in Paradise Valley was $3,200,000 in August 2023, down 3.1% from last year, and the median price per square foot was $703.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $352K | $285K | -19.0% |
| 2 Bedrooms | $1.6M | $407.5K | -75.2% |
| 3 Bedrooms | $2.5M | $2.3M | -6.0% |
| 4 Bedrooms | $3.2M | $2.8M | -10.8% |
| 5+ Bedrooms | $4.0M | $5.0M | +23.3% |
Summary: Paradise Valley housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 19%, 2 bedroom homes decreased by 75.2%, 3 bedroom homes decreased by 6%, 4 bedroom homes decreased by 10.8%, and 5+ bedroom homes increased by 23.3%.
Median Sold Price Compared To Nearby Cities
| Scottsdale | $771.1K | $799.1K | +3.6% |
| Phoenix | $429.9K | $424.7K | -1.2% |
| Paradise Valley | $3.3M | $3.2M | -3.1% |
Housing Supply
How many homes are available in Paradise Valley, AZ?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 163 | 173 | +6.1% |
Summary: The Paradise Valley real estate market had 173 homes for sale in August 2023, a 6.1% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 6 | 8 | +33.3% |
| 3 Bedrooms | 14 | 20 | +42.9% |
| 4 Bedrooms | 42 | 46 | +9.5% |
| 5+ Bedrooms | 99 | 97 | -2.0% |
Summary: The Paradise Valley housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 42.9%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes decreased by 2%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 25 | 25 | 0.0% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Paradise Valley, you may be able to get a good deal. 72% of homes here sold below asking price last month.
Summary: A total of 25 homes were sold or pending in Paradise Valley in August 2023, the same as the previous month. Of the 25 sold homes, 72% were sold under asking, 24% were sold at asking, and 4% were sold over asking.
Days on Market
How long does it take to sell a home in Paradise Valley, AZ?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 89 Days | 83 Days | -7.2% |
Summary: Homes in Paradise Valley had an average of 83 days on market in Aug 2023, down by 7.2% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Paradise Valley are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 25 homes were sold in Paradise Valley; 44% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 32% of homes were sold over 90 days.
The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Arizona Regional Multiple Listing Service, Inc. Indicates a property listed by a real estate brokerage other than Rocket Homes Real Estate, LLC. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Arizona Regional Multiple Listing Service, Inc. do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Information deemed reliable but not guaranteed. Copyright© 2023 Arizona Regional Multiple Listing Service, Inc. All Rights Reserved.