Luxury Home Prices in Paradise Valley 2025 | Market Update & MLS Data

Has the market slowed down? Are the tariffs scaring people? You know, what's going on with the market? Are prices rising? Are prices falling? Those are questions that everybody wants to know. Well, in today's video, we're going to talk about a few of those topics, but we're going to specifically talk today about the luxury market. We've had some inquiries. Paradise Valley, of course, is right next to Scottsdale, and it bumps up against Phoenix. Phoenix doesn't have a really big luxury market, so to speak, the greater Phoenix area. Primarily, when people talk luxury, they're talking about Paradise Valley or Scottsdale. Probably Paradise Valley, less known, but more expensive. Some people that I meet here call Paradise Valley Beverly Hills of Arizona. There's some beautiful homes here. How does it compare to Scottsdale? Well, Scottsdale has a couple communities that are more expensive, but overall, Paradise Valley is a more expensive area. One of the reasons is most of the lots are minimum one acre. Secondly, it's got mountain ranges throughout it. Third, it's proximity to Scottsdale and Phoenix for shopping, dining, and travel. You're very close to the airport, so a lot of executives who have to travel, they like to live there. A lot of professional athletes love to live there because it's not too far from downtown Phoenix for their sports. And in general, it feels like you're in the country when you're driving through it, but yet you're so close to everything. You won't find commercial properties. You won't find a bunch of condos and all that. Primarily, you're going to find resorts as your primary commercial focus and luxury homes and estates. So in today's video, we're going to give you an update on the data in Paradise Valley. We're going to talk about the average sales price, average list price, their list price ratios. Then we go to Zillow. Zillow said there was a 10% increase in prices from last year. We know that's not true, so we're going to dig into the MLS data right now. We're going to show you what the averages are. We're going to give you the real data, and you can see if the market is trending higher or lower from 2024. All right, so let's look at the numbers. So right now, there is 148 properties currently on the market for Paradise Valley. I suspect that that's probably going to drop to about 100 to 120 in the next couple months. That's actually quite a few listings on the market right now. The least expensive listing is $1,000,995 for a four-bed, three-bath, 3784 square feet property. They haven't had any price reductions, and they're listed at $527 per square foot. On the higher side, we have a property here that's listed for $50 million. It's a six-bed, nine-bath, 16,900 square foot home to be completed in 2026, and they're at nearly $3,000 per square foot. I suspect a lot of people on here would wonder what you get for that. Well, first of all, it's a large house. Secondly, you're going to have a beautiful view. And as you can see, new construction in Arizona, a lot is going toward a more modern architecture. And then we drop down to $25 million, and this particular property is only a three-bedroom, 3.5-bath, 7870 square feet. It's another new construction, and they're at 3,176 a square foot. Again, we've got another modern construction built into the mountain range. So now let's take a look at what's under contract. So we currently have 32 properties under contract. Back when interest rates were down around 3.5%, every single property that was coming on the market was selling, even in Paradise Valley. Now again, there was a big rush to build a bunch of new homes during that period, which now are just coming to the market, some of them. So what's under contract right now? Well, the least expensive property is $2,850,000. It's a six-bed, five-bath property, 4,300 square feet. So when we take a look at the pictures, most likely this home is being purchased to tear down and build a new home. Now someone may come in and remodel this home, but it's not as likely. The advantage is, if the home is older and it has high ceilings, they will remodel. If it doesn't, they're going to tear the home down and build new. Now there is a way to keep one wall and consider it a remodel and rebuild the home, but some builders want to scrape it completely, start with fresh concrete, everything new. And on the higher side, we got some big sales going on right now. Look at what's pending here. There's $30,600,000. It's a five-bed, six-bath, 18,000 square foot property in Crown Canyon. There's a $30 million property. There's a $20 million property. There's a $17 million property, $16 million property. Another $16 million property. And then we drop down to the $9 million. Isn't that one a bargain? So let's take a look at this home that's not brand new and it's selling for $30 million. You can see it's got a big entryway coming in. It's going to have views in the back to Camelback Mountain. It's going to have beautiful grounds. Now you can see the home is older and I can just tell you that there's probably low foot, low eight foot ceilings in here. So why did this home sell for $30 million? It's on nine acres. So there's a chance a builder just bought this to tear this estate down and build nine, possibly maybe eight single family homes on this property. So by the time they do that, they're still going to have a very expensive property and maybe somebody's going to come in and tear this down and build a beautiful new estate that could be worth even more. So now let's take a look at what's sold. We can see there was only 18 sales in the last 30 days. The lowest priced property now is $1,940,000. It's a three bed, 2.5 bath, 3,900 square foot home. Most likely this particular property was sold for lot value. And on the higher side, we can see that the market has picked up in price because what's pending now in the $30 million range is much higher than what closed in the last 30 days. And the highest one that closed was $13,500,000 and then it goes down from there. So now just to finalize, if we go and look at from the beginning of the year to now and then we create a comparative market analysis, we had 101 closings since the beginning of the year. If we look at the average price per square foot, we were at $5,744,000. That was the list price. The sales price was $5,497,000, selling for 97% of asking price. The average approximate square footage was $6,113,000. The average list price per square foot was $925,000. The average sold price was $888,000. Average days on market was around $102,000. Now those numbers are pretty much similar to 2024. It hasn't really changed, but we are starting to see a slowdown in the overall market and the luxury market as well. Eventually we're going to probably get up to where homes are back on the market for over 200 to 250 days. I remember many years where it was a year, 360 days on the market to get a home in Paradise Valley sold.