By Philip Haldiman | Town of Paradise Valley Independent (abridged)
Remember the days when you used to be able to buy a home in Paradise Valley for $1 million? Well, not so much any more.
Realtors who specialize in high-end Paradise Valley residences say these days the entry point is more like $2-$5 million for the lower end of homes in the town, some with possible updates needed.
Experts say that while buyers once paid around $685 per square foot pre-COVID, now they are willing to pay more than $2,000 per square foot for a home with views of Camelback Mountain.
Right now the median home price in Paradise Valley is about $3.7 million, according to Redfin.
More people locating from out of state
The state of Arizona continues to remain a destination for transplants, and many of those high income earners are relocating to Paradise Valley, Realtors say.
New estimates from the U.S. Census Bureau show that more than 256,000 people moved to Arizona in 2023, around 54,000 of them from California and nearly 17,000 from Texas.
And local luxury home Realtors say that won’t slow down in 2026.
This year a proposed ballot initiative in California could institute a one-time tax of 5% on the state’s estimated 255 billionaires. Local experts say that if it is approved, it could drive more of the ultra-rich to Paradise Valley.
Scott Grigg, owner of luxury real estate brokerage Grigg’s Group powered by The Altman Brothers, said transplants are attracted to the town because of the area’s lower tax structure, as well as nearby shopping and dining that includes upscale restaurant owners from New York or Los Angeles opening locations here.
“I feel like I should almost send a thank you card to the governor of California for the migration. And it keeps getting bigger and bigger,” he said.
Cash is king
To piggyback on the previous entry, many of those out-of-staters buying homes in town are paying cash, a trend experts say will continue into 2026.
Luxury Realtors in Paradise Valley say a good portion of their sales have been cash buys.
The wealthy may pay cash for a new home for a variety of reasons, ranging from saving significantly on interest and fees to avoiding mortgage requirements like appraisals.
The approach allows for financial freedom, removes the risk of loan denial, and simplifies the home-buying process, which also makes it appealing to sellers.
And experts say the trend will continue into the future.
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