The real estate market in the Phoenix metro area is booming right now, but the more expensive neighborhoods even outperform the rest of the market.
• In May, the median listing price for a home in the Phoenix-Mesa-Scottsdale market was $ 450,000, a 17.1% year-over-year increase.
• In April, home sales of $ 655 million were closed. To put that into perspective, less than 200 million home sales were completed in April 2020.
• The number of homes sold in April for prices above $ 3 million was 73, an increase of 66% from December 2020.
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“There is an element of growth that is fueled by out-of-town buyers who come from markets where home values are significantly higher than ours,” said Sean Zimmerman, president of Launch real estate. “And there are others who have realized that they can work remotely since Arizona has a good lifestyle, that they get their money’s worth if they move here.”
After the COVID shutdown in March-May 2020, Zimmerman says the The Phoenix housing market has started to experience a significant increase in home sales of over $ 1 million.
“From June to November, we had the best second half of any previous year in terms of home sales over $ 1 million,” he says.
So what are the neighborhoods that are skyrocketing home prices in the Phoenix housing market? Here are the three most expensive neighborhoods in the Phoenix housing market.
1. Paradise Valley
Paradise Valley has the most expensive homes in the Phoenix metro area. Paradise Valley homes post a median selling price of $ 2.15 million, up 35% from a year ago
2. Scottsdale Postal Code 85262
North Scottsdale zip code 85262 is second in the Phoenix metropolitan area for more expensive homes. Zip code 85262 home to the elite Desert Mountain golf community and the Pinnacle Peak area. The median price of homes in zip code 85262 is $ 1.175 million, a 34% increase from a year ago.
3. Scottsdale Postal Code 85255
Postal code 85255 in Scottsdale is the number 3 most expensive home in metro Phoenix. The area is home to the DC Ranch and Silverleaf communities. The median price of homes in zip code 85255 is $ 918,500, up 31% from a year ago.