The Metro Phoenix housing market is red-hot right now, but the highest-price neighborhoods are even outperforming 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 percent year-over-year increase.
• In April, 655 million-dollar home sales closed. To put that into perspective, fewer than 200 million-dollar home sales closed in April of 2020.
• The number of homes that sold in April with prices in excess of $3 million was 73, a 66 percent increase since just December 2020.
“There’s an element of the growth that’s being driven by out-of-town buyers who are coming from markets where home values are significantly higher than ours,” says Sean Zimmerman, president of Launch Real Estate. “And there are others who realized they can work remotely since Arizona has a great lifestyle, that they get a lot of value for their dollar if they move out here.”
After the COVID shutdown in March-May on 2020, Zimmerman says the Phoenix housing market started to experience a significant increase in million-dollar-plus home sales.
“From June until November, we’ve saw the best second half of any previous year in million-dollar-plus home sales,” he says.
So what are the neighborhood that are driving the skyrocketing home prices in the Phoenix housing market? Here are the three highest-price neighborhoods in the Phoenix housing market.
1. Paradise Valley
Paradise Valley has the highest-price homes in Metro Phoenix. Homes in Paradise Valley command a median sale price of $2.15 million, up 35 percent from a year ago
2. Scottsdale ZIP code 85262
North Scottsdale’s ZIP code 85262 is second in Metro Phoenix when it comes to the highest-price homes. ZIP code 85262 home to the elite golf community Desert Mountain and Pinnacle Peak area. The median price for homes in ZIP code 85262 is $1.175 million, an increase of 34 percent from a year ago.
3. Scottsdale ZIP code 85255
Coming in at No. 3 for the highest-priced homes in Metro Phoenix is ZIP code 85255 in Scottsdale. The area is home to the DC Ranch and Silverleaf communities. The median price for homes in ZIP code 85255 is $918,500, up 31 percent from a year ago.