Your guide to market updates & local events happening in
November 2024!
What is happening in the market… Inventory continues to climb giving buyers more options to pick from. We are also seeing an increase on Days on Market. October did show a slight decrease on days on market with 45 days on market compared to 47 days on market for September. We also saw a decrease in median sales price
Median Sales Price in Phoenix is $429,000 for October 2024 compared to $436,000 in September 2024
Here are Arizona’s 10 most expensive zip codes in 2024
Looking into the 100 most expensive zip codes in the U.S. by closed home sales, the experts at Property Shark found that after last year’s widespread price contractions, 2024 was a year of cautious recovery for the country’s leading luxury markets. In fact, 67% of the country’s most exclusive zip codes saw prices rise and multiple locations set new pricing records, including Arizona’s most expensive zip code, the perpetually pricey 85253 in Paradise Valley. After stopping just shy of $3 million last year, the exclusive enclave’s median sale price increased 16% over last year’s figures to reach $3.25 million this year. That said, what are Arizona’s most expensive zip codes in 2024?
As always, we calculated median sale prices based on closed home sales, to accurately reflect on-the-ground conditions, rather than the sellers’ wishes reflected in listing prices.
- 85253 in Paradise Valley ranks as the #27 most expensive zip code in the U.S., its highest position yet
- 2024 Paradise Valley is now 222% more expensive than its 2019 debut among the country’s priciest zip codes
- Other states where the most expensive zip code reached new record prices included Arizona, Florida and New Jersey, where new price maximums reached as high as $5.75 million
- Atherton still the #1 most expensive zip code in the U.S. for 8th consecutive year, but slips under $8 million
- 78% of the most exclusive U.S. zip codes cluster in the Bay Area, metro L.A. and the New York metro
Phoenix real estate in an election year: What you need to know
An election year is often fraught with uncertainty, and real estate markets across the nation are no exception. Historically, these years bring a slowdown in market activity, as buyers, sellers, and investors alike take a “wait-and-see” approach, concerned about how potential shifts in policies might affect the economy and their financial decisions. In Phoenix, however, the real estate landscape has its own set of dynamics, which means that while uncertainty looms, opportunities still exist for those who are well-informed.
Historically, real estate markets experience a dip in activity during election years. According to a study by Meyers Research, home sales during presidential election years typically drop by an average of 15% in November compared to non-election years. This trend stems from the uncertainty surrounding economic policies, tax regulations, interest rates, and market stability. Many buyers and sellers become hesitant, waiting for clarity on potential changes that could impact their financial decisions.
I’ve seen these patterns in play. Election years tend to make people pause, with some opting to delay major financial decisions like buying or selling a home until after the election outcome is clear. The uncertainty surrounding tax policies, interest rates, and potential regulatory changes can cause individuals to be more cautious. For buyers, this often means holding off on making offers, while sellers may hesitate to list their properties.
Tianyu Lights Festival
OCT 28TH – JAN 5TH 2025
ADMISSION $18 and up- TIME 5:30 PM to 10:00 PM
- LOCATION Camelback Ranch
- 10710 W Camelback Rd
- Phoenix, Arizona 85037
The Tianyu Lights Festival, an enchanting nighttime walk-through experience for all ages that brings nature and art together through awe-inspiring visual, cultural, and light effects, is coming to the Valley for the first time ever from Oct. 25, 2024 to Jan. 5, 2025.
Desert Farm Lights
NOV 22ND – DEC 29TH
- HOURS 5pm- 10pm
- ADMISSION $23
- TIME 5:00 PM to 10:00 PM
What’s happening on the Westside?!
New! All the latest Upper West Side news by area
COMING SOON & WHAT’S OPEN
This is where you’ll find all of the latest happenings in our area from what’s coming to what’s open to what we are still hoping to see in our beautiful communities. Find your area of interest and click below to find out more!
