5 Things to watch for in Paradise Valley luxury real estate market in 2026

By Philip Haldiman
Mail | X: @PhilipHaldiman

As the town of Paradise Valley looks to 2026, local real estate agents say the luxury housing market will continue to remain strong in the coming year.

Luxury home real estate agent Joan Levinson said December was a strong month, and 2026 stands to be a stable year for the housing industry in Paradise Valley.

She is positive about 2026.

“I think we will have a healthy market this year,” she said. “People still adore Paradise Valley and want to live here. People love its low density and love its position as a great vacation spot. They really enjoy it.”

But there are new normals that have been germinating over recent years that will continue to take hold in the future.

“Overall 2026 will bring a plethora of buying options to market. Such an abundance of supply will yield great optionality, and with great optionality and more competition may come great buying opportunities at more competitive pricing,” said Realtor Josh Peters of Stately Living.

Here are five things to look for in 2026 when it comes to residential real estate in Paradise Valley.

Higher entry point for Paradise Valley housing

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.

Breaking the $40 million barrier?

Last year, Stately Living closed on the most expensive home ever sold in Arizona at a whopping $32.4 million, according to Multiple Listings.

The 15,516 square-foot, 8 bedroom, 12 bathroom Paradise Valley estate sits on nearly 5 acres at 5724 E. Mockingbird Lane in the Mummy Mountain Estates subdivision.

Now that the $30 million barrier in Paradise Valley has been eclipsed, some say it’s only a matter of time before the $40 million price point is reached.

Peters said Stately Living has begun plans and are under construction on multiple homes they hope will break that record. The question is, he said, whether or not the homes will hit the public eye for the world see.

Peters said 2026 will bring more savvy ultra-high net worth buyers to the Paradise Valley market that are not geographically bound who own luxury homes across multiple markets, as well as have a more discerning eye and love the PV lifestyle.

“These buyers are more sophisticated. They know exactly what they want, and are willing to spend up for an exact fit; they are also not afraid to wait for a home that meets their needs,” Peters said.

Wide variety of amenities

Each individual luxury home can offer a unique world in and of itself, and Realtors say the ultra rich will pay a premium for the amenities that fulfill their desires. This includes location, floorplans, views, and finishes.

The most extravagant of amenities could include golf simulators and underground shooting ranges. Yes, those do exist, and the industry could certainly see more in the way of lavish amenities in the coming years.

Builders are filling more requests for in-home wellness centers, featuring infrared saunas, steam rooms and other therapies, which are expected to become more of a staple in luxury homes.

“Wellness centers have become a big trend in new construction,” Grigg said.

Senior News Editor Philip Haldiman can be reached at phaldiman@iniusa.org, or on X @philiphaldiman. Please submit comments at yourvalley.net/letters or email them to AzOpinions@inusua.org. We are committed to publishing a wide variety of reader opinions, as long as they meet our Civility Guidelines.

Philip Haldiman
Senior News Editor | Peoria

phaldiman@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.