Paradise Valley Homes for Sale & Real Estate Listings

In February 2024, the real estate market in Paradise Valley experienced a 3.4% decrease in home prices compared to the previous year, with the median selling price standing at $3.1 million. Homes in the area are selling more quickly than before, with the average property spending 43 days on the market, a significant reduction from the 75 days observed last year. Furthermore, the number of transactions has decreased, with 17 homes sold in February this year, compared to 24 sold during the same month last year.

This trend suggests a shift in market dynamics, indicating a faster pace of sales despite a reduction in overall sales volume and prices. The decrease in the number of days homes spend on the market before selling could point to increased buyer competition or possibly a scarcity of available properties, making desirable homes sell more quickly. However, the drop in the number of homes sold, alongside the decrease in median sale prices, could indicate a cooling period where buyers are possibly more cautious, yet those who decide to buy are acting more swiftly.

The real estate market in Paradise Valley is moderately competitive. Properties typically take 54 days to sell. It's common for some homes to receive several offers, demonstrating a level of competition among buyers. On average, homes are sold for approximately 5% less than the listed price and tend to go under contract within about 54 days.

Highly sought-after homes, or "hot" properties, may sell for around 1% below the listing price and often go pending in roughly 27 days, indicating a faster turnover for these more desirable listings. This trend suggests that while the market is competitive, buyers can still negotiate prices, especially if they are not in a rush and choose homes that are not in the highest demand.

Nationally, 3% of homebuyers showed interest in relocating to Paradise Valley from different metropolitan areas. Among these prospective buyers, those from Seattle demonstrated the highest interest in moving to Paradise Valley, surpassing interest from any other metro area. Following Seattle, Los Angeles and San Francisco homebuyers also showed significant interest in relocating to Paradise Valley. This trend indicates a notable attraction to Paradise Valley from individuals in major West Coast cities, possibly seeking the unique lifestyle, climate, and amenities that Paradise Valley offers.