Periodically new buyers in to our area will ask us what part of the valley is the nicest to live in. We usually reply that every part of the valley is awesome to live in. (Hey we’re Realtors, right) But if best correlates to highest price, then without question, the Northeast Valley sits at the top of the list.
Paradise Valley stands apart from every other valley city at close to $800 per square foot (PSF). PV also increased in value (percentage-wise) more than any other city (13%) compared to one year ago.
Scottsdale, Carefree, Rio Verde, Fountain Hills and Cave Creek follow – all Northeast Valley communities. The only other town with an annual average sales price over $300 is Wickenburg. And of these 7 homes, five increased in value since last year.
On the flip side, the 5 most affordable cities to live in currently are: Coolidge ($178 Psf), Arizona City ($183 psf), Maricopa ($183 psf), Casa Grande ($186 psf), and Florence ($187 psf).
Three cities lost more than 5% from one year ago including Arizona City (-6.4%), Sun City West (-5.4%) and Florence (-5.1%).
Valley Prices Look to Rise This Next Month
The Cromford Report is projecting home prices will rise based on homes currently under contract. On September 15th when Cromford did their mid-month analysis, the homes under contract showed an average list price of $316 PSF. The current average sales (closed) price per square foot on the 15th was $283. Cromford is now estimating a range of value in mid-October will be $285 to $296. From this they are expecting a price rise of 2.8% compared with September 15th, 2022.
This is a fairly significant hike, which unfortunately may cause more buyers to take a hike;-(