The Metro Phoenix housing sector is red-very hot appropriate now, but the greatest-value neighborhoods are even outperforming the relaxation of the industry.

• In Could, the median listing value for a dwelling in the Phoenix-Mesa-Scottsdale market place was $450,000, a 17.1 p.c year-in excess of-calendar year enhance.

• In April, 655 million-dollar property profits closed. To put that into viewpoint, less than 200 million-greenback home sales shut in April of 2020.

• The range of households that sold in April with selling prices in surplus of $3 million was 73, a 66 p.c improve because just December 2020.

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“There’s an element of the expansion that’s remaining pushed by out-of-town prospective buyers who are coming from markets the place home values are significantly higher than ours,” says  Sean Zimmerman, president of Start Serious Estate. “And there are some others who recognized they can perform remotely considering that Arizona has a excellent way of living, that they get a large amount of worth for their greenback if they shift out here.”

Just after the COVID shutdown in March-May on 2020, Zimmerman claims the  Phoenix housing current market started out to encounter a important enhance in million-dollar-as well as dwelling revenue.

“From June until eventually November, we’ve saw the most effective 2nd 50 percent of any earlier year in million-dollar-additionally residence product sales,” he claims.

So what are the community that are driving the skyrocketing property prices in the Phoenix housing industry? Below are the three highest-cost neighborhoods in the Phoenix housing current market.

1. Paradise Valley

Paradise Valley has the highest-price tag properties in Metro Phoenix. Homes in Paradise Valley command a median sale cost of $2.15 million, up 35 p.c from a 12 months in the past

2. Scottsdale ZIP code 85262

North Scottsdale’s ZIP code 85262 is next in Metro Phoenix when it arrives to the highest-rate homes. ZIP code 85262  residence to the elite golfing community Desert Mountain and Pinnacle Peak space. The median selling price for houses in ZIP code 85262 is $1.175 million, an improve of 34 percent from a 12 months ago.

3. Scottsdale ZIP code 85255

Coming in at No. 3 for the optimum-priced properties in Metro Phoenix is ZIP code 85255 in Scottsdale. The spot is house to the DC Ranch and Silverleaf communities. The median value for houses in ZIP code 85255 is $918,500, up 31 % from a yr ago.