By Jaki Underwood, Editor-in-Chief
With 2025 just around the corner, it’s the perfect time to explore a question that often arises in Arizona’s real estate circles: “Where’s the money flowing?” Recent data from Cromford Public, an add-on to the widely respected Cromford Report, reveals fascinating insights about the residential real estate dollar volumes across Maricopa and Pinal Counties from November 2023 to November 2024. Let’s break it down in a way that’s easy to understand and dive deeper into the trends of the current market.
The Big Picture: Total Dollar Volume
When we look at the total amount of money spent on residential real estate, Phoenix leads the pack with a staggering $9,027 million. That’s almost $1,000 million more than Scottsdale, which recorded $8,181 million. These two cities dominate the market, reflecting their strong appeal to homebuyers.
Mesa, with $3,725 million, comes in third. This shows its growing popularity as a city that offers a mix of affordability. Gilbert ($2,551 million) and Surprise ($2,390 million) complete the top five, highlighting the rising demand in suburban areas.
Cities like Peoria ($2,018 million) and San Tan Valley ($1,989 million) also performed well, proving buyers increasingly look beyond major urban centers. On the other hand, Maricopa recorded the lowest dollar volume among the listed cities at $899 million, which reflects its more affordable housing options and potentially lower transaction volume.
The $1M – $5M Market: Where Luxury Meets Accessibility
Let’s take a closer look at the $1 million to $5 million price range. Scottsdale takes a commanding lead with $5,011 million in sales, more than double the $2,066 million recorded by Phoenix. This highlights Scottsdale’s appeal to buyers looking for upscale homes.
Paradise Valley makes a notable mark here with $741 million, even though it’s a smaller market overall. The sales show its luxury appeal. Gilbert ($531M) and Mesa ($421M) show strong activity, drawing luxury buyers to the suburbs.
Queen Creek ($373M) and Chandler ($297M) also shine, showing broader demand for high-end homes.
High-End Luxury Homes: $5M and Above
In the ultra-luxury home market, properties priced over $5 million, Paradise Valley leads with an impressive $745 million in sales. Scottsdale holds second place at $581 million, while Phoenix trails far behind with just $141 million.
Coolidge, for instance, recorded $13 million in ultra-luxury sales, and Fountain Hills hit $11 million. These numbers don’t compare to Paradise Valley, but they show that high-end buyers aren’t always sticking to the usual hotspots.
Breaking Down the Key Takeaways
- Phoenix and Scottsdale Are Powerhouses: The overall dollar volume data reaffirms their status as Arizona’s leading real estate markets. Phoenix attracts many buyers, while Scottsdale stands out for its luxury appeal.
- The Rise of Suburban Markets: Cities like Gilbert, Mesa, and Surprise are experiencing significant growth. They appeal to buyers who want a balance of affordability and quality of life.
- Paradise Valley Owns the Ultra-Luxury Market: It remains the go-to destination for homes over $5 million, cementing its reputation as Arizona’s luxury hub.
- Luxury Buyers Are Exploring New Areas: The $1M-$5M market data suggests that high-end buyers are broadening their horizons, with cities like Queen Creek, Chandler, and Fountain Hills gaining traction.
Why This Matters
Phoenix and Scottsdale will likely remain dominant, but suburban areas are rapidly catching up. For luxury homebuyers, Scottsdale and Paradise Valley are still top picks, but the data shows value in less traditional areas.
Looking Ahead to 2025
As we step into 2025, these trends suggest a more diverse market. Phoenix and Scottsdale will likely continue to attract the lion’s share of investments, but suburban cities and luxury markets are rising. This shift opens up more options for buyers at various price points, positioning Maricopa and Pinal Counties as regions to watch in the year ahead.
