Sitting just northeast of downtown Phoenix, the village of Paradise Valley is full of stunning luxury estates.
But with all the activity that the real estate market has seen in the past two years, what can homeowners expect from Paradise Valley real estate now? Let’s break down some of the market’s current trends to help determine whether you’re ready to buy or sell.
Home values are appreciating
Home prices are appreciating in and around Phoenix, which is good news for sellers looking to list their Paradise Valley properties. Real estate in this area has seen an increase of 29.5% in median home prices compared to one year ago. This isn’t unexpected for Paradise Valley, as prices have steadily increased month-to-month since 2019. However, homes have sold for record-high amounts, and prices are expected to rise.
This makes Paradise Valley real estate a competitive luxury market for buyers and a lucrative one for sellers seeking a solid return on their investment. With a steady upward climb in the market, sellers can take advantage of the market and sell now or talk to an experienced realtor about whether or not they should hold off to see how high prices go within the next year.
Demand is consistent
Demand for Paradise Valley real estate isn’t as high as in other parts of the Phoenix area—like with Scottsdale luxury real estate—but many homes on the market are still receiving multiple offers. On average, homes stay on the market for around two months, but the most sought-after properties sell in as quickly as 19 days. Compared to last year, property sales are happening much faster— the average amount of time homes stayed on the market just about one year ago was over 100 days.
If you’re looking to add your property to the list of houses for sale in Paradise Valley, it’s essential to work with an experienced real estate professional who can help you market your home successfully. Working with an agent like Adrian Heyman, recently named one of Phoenix’s top individual agents, ensures your home selling experience is seamless and quick.
Many homes are selling for under the asking price
With demand for houses in Paradise Valley remaining average, most properties have sold at or below the asking price. Unlike the trend in the last two years where many homes sold for above asking, our prediction for Paradise Valley this year is to see more and more homes sold at the asking price.
If you want to maximize your return on investment, it’s essential to make sure you’re listing your Paradise Valley real estate for the most competitive price. You don’t want to accept an offer for below listing price because you set your home’s value too high. A lot goes into the overall value of a property, and much depends on how similar homes in the area have sold.
Only an agent with ample knowledge of the Paradise Valley real estate market can put together a complete and accurate comparative market analysis to show what your home is worth.
For those interested in buying Paradise Valley, AZ homes for sale, the good news is you’ll likely face fewer bidding wars and experience less pressure to bid above your dream home’s listing price.
It will continue to be a seller’s market
Demand is still high enough in Paradise Valley that the market will remain in favor of the sellers. This is due primarily to the fact that there are fewer luxury homes on the market than there are buyers.
This decreased supply makes it a perfect time to consider selling, as buyers will be more likely to dish out a little extra cash for their favorite properties. Also, with interest rates on the rise, buyers may start backing down from the market, and demand for homes may decrease more rapidly.
If you’ve been on the fence for a few years about when to sell, now may be the best time. Buyers tend to be most active in the Phoenix area in late spring, so preparing your house for a May or June sale can help you maximize your earnings.
Buyers want the best of the valley
Buyers in Paradise Valley want luxury homes with all the best amenities, from access to the many nearby golf courses to newly-renovated ceramic floors. Current Paradise Valley real estate trends show a greater desire for ranch-style homes with at least three bedrooms. Stucco exteriors and classic Mediterranean villas remain popular choices and perfectly reflect the desert landscape.
Home features that are adding value right now include courtyards with views of the mountains, access to water— whether from natural sources or a private pool— and added storage. Features like walk-in pantries, formal dining rooms, and in-home spas are slightly less popular than a year ago.
When preparing Paradise, AZ homes for sale, work with your realtor to determine if there are any renovations or repairs that could boost the value of your home based on current trends with buyers.
When preparing Paradise, AZ homes for sale, work with your realtor to determine if there are any renovations or repairs that could boost the value of your home based on current trends with buyers.
The Paradise Valley real estate market continues to draw in buyers looking for the best luxury homes that the greater Phoenix area offers. With only around 100 properties on the market these days, Paradise Valley is still in the hands of its sellers. Adding your home to the list of houses for sale in Paradise Valley may be wise while the market is still competitive.
To get the most out of your home sale or purchase, consider hiring one of Phoenix’s most experienced realtors— Adrian Heyman. Adrian has served the Scottsdale/Paradise Valley area for years and is committed to helping clients move through the buying and selling process seamlessly. Whether you have questions about the market or are ready to buy or sell in the Paradise Valley area, reach out to Adrian Heyman today.
