- Paradise Valley’s 85253 is Arizona’s #1 most expensive zip code
- 2016’s largest residential transaction grabbed $13.7 million in Scottsdale
- Scottsdale is home to Arizona’s 2nd and 3rd most expensive zip codes – 85262 and 85266
- Phoenix has the highest number of expensive zip codes – 12 spots in our top 50
Arizona’s real estate market has had a great run in 2016, with both sales and prices expanding, while stock, as in many other regions in the country, contracted. Phoenix, one of the hardest hit markets during the 2008 crash, has been rebounding in a spectacular manner – named the 2nd best city for homeowners, Phoenix now sports the 2nd fastest growing home appreciation rate and the 2nd lowest foreclosure rate among the country’s top metros.
Economic growth and low interest rates paired up to create a seller’s market in much of the state, with Tucson and Phoenix seeing sale prices returned to 2008 levels. Although the luxury segment retained buyer’s market conditions due to high inventory, both Tucson and Phoenix saw significant sales volume gains in the upper end of the market, with increases of 19 percent and 9 percent respectively, compared to 2015 levels, per Long Realty.
Apropos the luxury segment, Paradise Valley, unsurprisingly, grabbed the title of most expensive zip code in Arizona with 85253. Known for its high-end real estate market, Paradise Valley’s median sale price hit $1,040,000 in 2016 – a small price to pay to live in the vicinity of rock legend Alice Cooper, a long-time resident of the affluent Arizona community. For those who prefer a more metal approach over Mr. Cooper’s shock rock, Paradise Valley still has you covered when it comes to rock legends – Judas Priest frontman Rob Halford has lived here for 30 years now.
With a median sale price of $687,100, Scottsdale’s 85262 is the second priciest zip code in our ranking of Arizona’s most expensive zips, while 85266, also in Scottsdale, is the third most expensive zip with a median sale price of $647,500. The two adjacent North Scottsdale zip codes used to be one zip not too long ago – 85266 was added in July 2007, taking over a chunk of 85262 territory. These two zip codes are defined by the typical North Scottsdale lifestyle of high-end desert style homes framing breathtaking views of metro Phoenix. Golf courses, country clubs and many-starred restaurants dot the area. For those looking to enjoy the spectacular vistas of the Sonoran Desert, this area is bursting at the seams with spectacular hiking and biking trails, with the McDowell Sonoran Preserve Gateway Trailhead connecting to 182 miles of trails.
A picture of Arizona’s priciest zip codes wouldn’t be complete without taking a look at the largest residential transaction of the year.
In 2016, the title was grabbed by 23036 N. Via Ventosa, Scottsdale. Changing hands for $13,700,000, the swanky North Scottsdale home is said to be the second most expensive home ever to trade in Arizona.
At over 25,000 square feet of livable space, the Mediterranean-style home features 9 bedrooms and two lofts, all with private balconies, and a bevy of luxurious amenities, such as an Olympic-sized pool, tennis and basketball courts, two-story fitness center, 12-car garage, spa and sauna and some of the most spectacular city and mountain views North Scottsdale has to offer. The over 6.5-acre estate is located in Arizona’s 4th most expensive zip code, 85255, known for its pricey real estate, fine dining, posh schools and corporate offices. The median sale price here is $570,000.
Check out the most expensive zip codes in Arizona below:
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Methodology: In order to determine which were the most expensive ZIP codes in the Arizona, we looked at all residential transactions closed in 2016, taking into account condo, co-op, single- and the two-family homes. All package deals were excluded.