Is Paradise Valley, AZ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Paradise Valley is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Paradise Valley was a Neutral Market.

Key Takeaway

Paradise Valley is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

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

-$81,503(-2.6%)

Key Takeaway

Homes in Paradise Valley have sold for 2.6% less than they did a year ago.

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

# BEDSFeb 2023Feb 2024CHANGE
1 $314.5K$285K
-9.4%
2 $515K$523.7K
+1.7%
3 $2.5M$2.4M
-1.6%
4 $2.8M$2.9M
+2.0%
5+ $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
-1.1%
Scottsdale
-2.3%
Paradise Valley
-2.6%

Housing Supply in Paradise Valley, AZ

How many homes are available in Paradise Valley, AZ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
252278+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

# BEDSJan 2024Feb 2024CHANGE
1 25
+150.0%
2 1916
-15.8%
3 2029
+45.0%
4 7782
+6.5%
5+ 134146
+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 2024Feb 2024CHANGE
2326+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Paradise Valley, you may be able to get a good deal. 65.4% of homes here sold below asking price last month.

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 2023Feb 2024CHANGE
92 Days60 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Paradise Valley are selling fast, if you're buying plan to act quickly.

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 18 Days Ago

Newest Listings in Paradise Valley, AZ

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