The numbers are in for the current issue of the Luxury Market Report November 2024. Keep in mind this is a unique period as statistics are compiled from conditions leading up to the Presidential Election and we will not have a firm read on the market’s reaction to that election for a few months. NATIONALLY, the report states, “if additional rate cuts occur before year-end, the increased pre-transactional activity is expected to translate into notable sales growth.”
Locally in Arizona, the report shows our metropolitan has diverse market conditions: Scottsdale is showing a Balanced Market with median home sales price of $792,500, while Paradise Valley is seen as a Buyer’s Market with median sales price of $3,625,000. The City of Phoenix is showing a Seller’s Market with median luxury sales price of $850,000.
