How buying a home in Arizona's Paradise Valley is more expensive than purchasing one in Beverly Hills
PARADISE VALLEY, ARIZONA: Paradise Valley in Arizona has reportedly overtaken California's Beverly Hills when it comes to the median sale prices of homes.
Beverly Hills, renowned for its high-end real estate market, has traditionally been viewed as one of the priciest locations to purchase a home. Nonetheless, recent figures indicate that the title now belongs to Paradise Valley, as per the list prepared by PropertyShark.
What is the most expensive zip code in Paradise Valley?
Paradise Valley's 85253 zip code was recently listed as the 32nd most expensive zip code in the US, according to a ranking compiled by PropertyShark.
Currently, the median sale price for homes in this area stands at $2.7 million, resulting in the zip code ranking higher than some in southern California, including the 90212 zip code in Beverly Hills.
Paradise Valley’s inclusion on PropertyShark’s annual list is not a new occurrence. In fact, the 85253 zip code has been featured for the past five years, achieving its highest rank this year.
Why did the Paradise Valley housing market see a significant rise in value?
PropertyShark reports that the real estate market in Paradise Valley has seen a significant increase in value, largely due to several renowned rock stars choosing to reside in the area.
Interestingly, no other zip codes from Arizona were featured on the list. The list was topped by a zip code from San Mateo County in California, boasting a median sale price of $8.3 million.
Furthermore, Los Angeles County had a strong presence on the list with 20 zip codes.
The list was compiled by PropertyShark, who determined the rankings based on the median sale prices from finalized home sales rather than listing prices.
In a comparison between Paradise Valley and Beverly Hills, the average home price in Paradise Valley reportedly comes to $3,012,800, whereas it is slightly higher in Beverly Hills at $3,525,600.
Interestingly, the median income in Paradise Valley surpasses that of Beverly Hills, which could account for the elevated home prices in the area, as per Best Places.
What is the most expensive zip code in the US?
Atherton’s 94027, a California neighborhood that is home to numerous tech billionaires and venture capitalists, continues to hold the title of the nation’s most expensive zip code. The median sale price in this area stands at a staggering $8.3 million, marking a 5% year-on-year increase.
It’s worth noting that Atherton is primarily designated for single-family homes, with a requirement for a minimum one-acre lot that dates back to the 1920s. In 2022, the enactment of Senate Bill 9, a state duplex law, led to an increase in applications from Atherton property owners looking to divide their lots.
However, the prevalent "NIMBY" (Not In My Backyard) sentiment continues to obstruct the development of more cost-effective multifamily homes, thereby maintaining the exclusivity of the area, as per Property Shark.