According to online real estate database PropertyShark, Paradise Valley's 85253 zip code has recorded a significant 16% increase in median sale price, now reaching $3.25M. This follows a year where prices hovered just below the $3M mark. In fact, findings reveal 85253 ranks as the #27 most expensive zip code in the U.S., achieving its highest position ever.
As PV and surrounding areas cement its status as a top destination for affluent buyers, we got an end-of-year recap from our trusted real estate partners reflecting on 2024 and anticipating what’s ahead for 2025.
Katrina Barrett
Owner/Broker, Walt Danley Local Luxury | Christie’s International Real Estate
Katrina Barrett is a top-ranked luxury real estate agent in Arizona and nationally ranked as one of the top 100 realtors in the United States. According to the realtor guru, PV’s rapid growth is attributed to our sunny weather, incredible shops, great restaurants and access to entertainment, private airports and minimal traffic.
“We have low state income tax and some of the lowest property tax in the country- lifestyle is easy and resort living,” says Katrina.
Katrina says 2024 saw little activity by locals, mostly listing when downsizing or moving out of state. However, most buyers were new buyers flocking from the West Coast, Midwest, and particularly the Pacific Northwest.
“We are lucky to have a majority of the highest-end listings and an acute focus on keeping high net worth and celebrity transactions off-market and off the grid in terms of press, helping clients maintain security and privacy.”
With an elite, celebrity draw, Katrina says Arcadia proper is now surpassing Paradise Valley becoming the highest per foot per acre in the state. She says her firm set the record in both one-acre lot sales in PV with $4.5 million off Wilkinson and $5.2 million on Exeter.
“Land is scarce, and tear-downs are being gobbled up. We see land as the greatest value moving forward. Homes depreciate and land appreciates, so shoppers should focus on location and lot size above all.”
In 2024, two exciting over $15 million dollar sales from Katrina’s team happened on first showings, off-market, and set closings over $1,690/SF for PV and Arcadia.
“Markets have paused rather hard since March of 2024, and like deep sea fishing, we set our lines in the water. Inventory has been ticking up, but all lines tend to hit at once when you strike that school of fish, so we really think lower rates can be that catalyst from the bottom up.”
And for cash buyers, Katrina says the story of 2024 was that buyers will pay for what they want, so it’s encouraging to see spec boundaries on the high-end pushed to new levels of design.
“The first salable home in the $40 million mark has hit public MLS and we are enthused and encouraged if $20 million can become a liquid level in PV.”
Katrina notes her listing at 5738 N Casa Blanca Drive in Paradise Valley (MLS# 6762392) on the market for $42,500,000 (pictured).
“Our philosophy remains on being an advisor over a salesperson. Our team stops at nothing to ensure clients receive the best experience start to finish. We’re where luxury lives.”
Scott Grigg
Grigg's Group powered by The Altman Brothers
Native Phoenician Scott Grigg is consistently ranked as one of the top realtors in the Valley. His team maintains a reputation of providing exceptional service to a variety of clientele, including developers, professional athletes, entertainers, CEOs, and business owners.
“Paradise Valley simply stands out with proximity to the best of everything. People love the choice between hillside living and spacious flat lots—many being around one acre or more, giving homeowners a lot of breathing room,” he says.
Scott attributes Paradise Valley’s rapid growth to our sought-after lifestyle.
“The influx of out-of-state buyers has energized our business. It requires us to dive deeper into understanding the area—everything from pricing to what unique amenities Paradise Valley has to offer.”
When we asked Scott how this flurry to PV is impacting business, he said low inventory is buzzworthy. In fact, it’s becoming quite a challenge for buyers to find the homes they want, which is pushing prices up.
“With limited availability of view lots, prices are doubling within the last few years. It’s impacting construction costs as well.”
Scott also credits the area’s substantial desirability to lock-and-leave options within amazing communities, such as his listings with Cullum Homes.
“Our Cullum Homes communities offer hotel amenities, golf course and country club living. They’re move-in ready furnished homes,” says Paul Colwell, Managing Director at Cullum Homes.
Paul Colwell, the Managing Director at Cullum Homes, anticipates 2025 home trends to be wellness centric. People are focused on creating spaces that promote health and relaxation, adding saunas, cold plunges and in-home gyms to their humble abodes.
“We’re also seeing a demand for in-home cinemas and entertainment spaces, complete with bars and game rooms. This, in addition to smart home technology making things more convenient and efficient,” says Paul.
And the hot market goes beyond PV. Arcadia, for example, is ideal for people coming from California given the appealing greenery.
“In Scottsdale, we’re noticing many buyers seeking golf club memberships and true desert scenery. At Seven Desert Mountain, we offer instant golf memberships skipping the two-year wait when you purchase a custom Cullum Home. This has been a big draw for that community as Valley-wide country clubs have seen increased wait times for memberships,” says Scott.
Looking ahead into the new year, Scott’s excited for his upcoming projects at Ascent at The Phoenician, Ironwood Golf Villas, The Village at Mountain Shadows, and The Village at Paradise Reserve.
Frank DiMaggio
Founder MDF Development and Managing Partner of Compass
Frank DiMaggio is consistently selling over $100 million in real estate a year with plans to grow to $200 million by 2026.
“We have that added layer of being builders who not only understand the real estate side, but also, design and build. Because of this, our business has exploded,” says Frank DiMaggio, Founder MDF Development and Managing Partner of Compass.
According to Frank, the flock to PV and surrounding areas is due to a higher quality of life and lower taxes.
“With all the new buyers, cost of construction is on the rise, it takes time to build new homes, and inventory for good houses is low. Putting all those factors together results in the perfect storm for huge price increases. And truth be told, I don’t see things slowing down,” says Frank.
Over 2024, Frank says Paradise Valley homes averaged $5-$10 million. However, he predicts trades ranging $15-$25 million over the next few years.
“My advice for buyers is the same thing I would tell them any other year: don't try to time the market. Buy as soon as you’re able, and over time, there is no better investment than Arizona, or more specifically, PV real estate.”
And Scottsdale’s not far behind. In fact, Frank claims Scottsdale is becoming what PV used to be.
“There are areas of Scottsdale where tear-downs were once $500,000 and no one was interested. However, those same houses are now $1,250,000 and developers are tearing them down to service $5-$6 million buyers that are priced out of Paradise Valley. The Scottsdale market is going to have a huge uptick in tear downs and remodels in 2025 and beyond.”
In 2023, Frank says he sold the most expensive lot on a price-per-square-foot basis in the history of Arizona. He put a deal together for $7,000,000 for a little over 1.2 acres.
“This year (2024), I’m putting together the deal for the most expensive vacant lot for a single residence in Arizona history at $12,500,000 for 5 acres in PV. This further proves that we are firmly rooted as a town where we’re going to see homeowners and spec builders doing projects from $15 million to $40-$50 million. We are proud to be in the forefront of many of those new mega deals coming to market whether as the builder, the real estate agent, or in many instances, both.”
Jeremy Takas
Silver Sky Developer/Managing Partner
In 2019, when Paradise Valley first emerged as one of the nation’s priciest zip codes, the supply of newly built homes was three times greater than it is today.
“Since then, new home sales have decreased each year resulting in a tighter housing market. This supply-and-demand gap was amplified during the 2020 pandemic, as millionaires from across the country moved to the area and put down roots,” says Jeremy Takas, Silver Sky Developer/Managing Partner.
Jeremy Takas is the managing partner at the Silver Sky Development. He says the highly anticipated community of Silver Sky represents one of the last remaining parcels of land available for development.
“Finding an available lot for new construction in PV is difficult and most new homes are scattered between older, renovated estates. Silver Sky, however, features 12 newly developed lots ranging from 1.1 to 1.5 acres. There, residents can enjoy the rare chance to move into a community of brand-new luxury homes, surrounded by like-minded individuals in award-winning estates,” says Jeremy.
Jeremy attributes our thriving economic environment attracting transplants from out-of-staters seeking more space, less crime, and a lower tax burden. However, with a limited supply of new homes and an increasing demand for buyers, it’s no surprise PV has risen in the ranks as one of the most expensive zip codes in the country.
“We’ve seen strong demand for our pre-construction homes. We have four custom-built lots that sold out quickly and have two fully designed showcase homes that break ground soon.”
According to Jeremy, Silver Sky is setting a new standard for luxury homes in Paradise Valley. Forbes recently featured Silver Sky's Lot 6, Nova, after it won the prestigious “Best in American Living Award,” followed by several Iconic Awards for Excellence in Architecture and Design.
“Nova is a 12,000 square-foot European transitional estate, blending timeless architectural charm with modern amenities, designed by Stratton Architects. It’s set for expected completion by the end of 2025.”
Lot 11, Aquarius, also earned acclaim. The Mexican Modern estate features a rooftop viewing deck offering breathtaking views of Mummy Mountain.
“We foresee elevated luxury living trends like infra-red saunas, yoga studios, wine cellars, bowling alleys, art/music rooms and meditation areas. Also, smart home technology is no longer a luxury, it’s expected. Looking ahead, homes will feature voice-activated controls, facial recognition, biometric security systems, and AI-powered management systems.”
In addition, as we embark on a new year, Jeremy anticipates generational living and guest quarters emerging as a major home design trend for 2025. Homeowners are increasingly prioritizing the comfort and privacy of guests by incorporating secondary primary suites and spacious casitas.