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The housing market in Paradise Valley is moderately competitive. On average, homes in Paradise Valley get 1 offer and typically sell within 43 days. Last month, the median sale price for a home in Paradise Valley stood at $3.1 million, which represents a decrease of 3.4% from the previous year. Meanwhile, the median sale price per square foot in Paradise Valley has increased by 3.1% since last year, reaching $677.
Median Sale Price
Median Sale Price per Sq. Ft.
Total Homes Sold
Median Days on Market
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.
Whether you have questions or are ready to take the step towards owning a stunning property in Paradise Valley, we're here to help guide you through every step of the process. Don't hesitate to reach out and connect with us. Your Paradise Valley dream home awaits!
Embark on a journey through the enchanting neighborhoods of Paradise Valley with our comprehensive guide. Whether you're curious about the local lifestyle, searching for your dream home, or simply exploring what our vibrant community has to offer, our neighborhood guide is your key to uncovering the hidden gems of Paradise Valley.
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