Peoria luxury home market commanding higher prices
$2M mark a lot more common than it used to be
Submitted photo
RE/MAX Fine Properties Realtors Jamie Wong and Melissa Dierks announced the listing of this residential property in Peoria they touted as the most expensive home in the city, at $5.9 million. Realtors say listings at this level will become more common.
The luxury home market in Peoria is hitting a new level — the $2 million home is becoming much more common.
Last year, only seven homes sold for more than $2 million. As of the end of July, eight homes have closed above the $2 million mark, and there are four homes pending that are listed at more than $2 million.
So far, the top home sale this year was $5.25 million.
By comparison, the top home sale last year was $3.6 million.
These high-end homes are largely popping up in the 85383 ZIP code, the city’s elite home epicenter.
Rebecca Durfey, a Realtor with Keller Williams Professional Partners, said Peoria is seeing more luxury homes on smaller lots, which means they are likely in planned area developments – and still at or near the $2 million mark. That price tag is being placed on planned area developments like the Meadows and Blackstone in north Peoria.
She said there have been 24 homes that are listed/pending/under contract/sold in the last year that are over $2 million in the 85383 ZIP code, and the luxury custom neighborhoods are having little issue commanding that price and higher.
“And remember, that takes into account the declining market we had from July to December. It’s quite amazing,” Durfey said. “It says a great deal about the development of northwest Peoria and most certainly confirms the desirability of that part of the Valley. Our luxury home market in 85383 is very strong right now.”
Earlier this month, RE/MAX Fine Properties Realtors Jamie Wong and Melissa Dierks announced the listing of a residential property in Peoria they touted as the most expensive home in the city, at $5.9 million.
To celebrate, they hosted a luxury tour event of the home, July 7, complete with live music, cocktails, hors d’oeuvres and an auto collection display featuring the new 2023 Range Rover Sport, a 750 BMW, Ferrari, Corvette and more.
Dierks said around 60 to 70 real estate agents and brokers attended the event, with some serious interest.
She added that high-end homes in Peoria at the $5-6 million range will become more common, with a likely rise in cost of 5-6% over next year or so in that market.
She said the demand is high for two reasons — continued growth within the city and the need for more inventory.
“The west Valley has not had a real luxury home presence, but we are heading in that direction,” Dierks said.
The $5.9 million home listed by Dierks is one of the highest priced homes in the Peoria market, but not the only home listed in that ball park.
There was another home in that same neighborhood on the same street on a 2.5-acre lot, also listed at $5.9 million.
Durfey said it sold in May at $5.25 million from a cash buyer.
It was a pretty amazing home of 13,500 square feet, with a guest home of 1,400 square feet and many amenities.
“I tell my clients that they can list their home at any price they want, but that does not determine the value. The market determines what they believe a home is worth. If there is a loan, then the appraiser will tell the bank or investor what they think the home is worth. The seller can agree or disagree with the buyer and/or the bank, but until there is a coming together of all three — or two, if there is no bank involved — then the list price is just a number,” she said. “I would love to see the listing agents get that price, of course, as it lends to the values in the area and helps my clients in that particular neighborhood.”
Philip Haldiman can be reached at phaldiman@iniusa.org, or on Twitter @philiphaldiman.
We’d like to invite our readers to submit their civil comments, pro or con, on this issue. Email AZOpinions@iniusa.org.
Meet Philip Haldiman is an award-winning journalist who most recently took first place for investigative reporting in 2023 from Arizona Newspapers Association. He joined Independent Newsmedia, Inc., USA, in 2015, covering Sun City West his first year. Since 2016, he has covered the city of Peoria. Prior to coming to INI, he was a reporter with The Arizona Republic for seven years, covering numerous cities throughout the Valley. Before that, he was a freelance writer.
Community: Haldiman spearheads the Peoria Independent Hometown Heroes Awards program, honoring local individuals and businesses that give back to the community. He has hosted local candidate forums over the years and is a member of the Society of Professional Journalists. Haldiman also served as a member of the Journalism Program Community Advisory Board at Glendale Community College. Outside journalism, Haldiman served as a member of the city of Peoria Complete Count Committee for the Census, 2019-2020. Lastly, he has served as a member of his HOA governing board since 2021.
Education: Arizona State University with a BA in Journalism and Mass Communications and a BA in Theater.
Random Fact: Haldiman is a fourth-generation Arizonan as well as wrote and produced an autobiographical comic book about his time spent in Hollywood and his life as a cult film star.
Hobbies: He enjoys hiking Arizona’s mountainous landscapes and is currently working on a play for the stage.
By 
Comments
No comments on this item Please log in to comment by clicking here