In a new ranking released by PropertyShark, the company analyzed residential sales between January 1 and November 5 of 2019 to determine the most expensive zip codes in the metro area. Median sales prices were calculated for each zip code.
Naturally, Paradise Valley’s 85253 ranked #1 among the valley’s most expensive zip codes but it also broke a record by edging into the top 100 most expensive zip codes in the country. According to PropertyShark, PV’s 85253 took the 93rd spot with a median sale price of $1.46 million.
Following 85253 were some of Scottsdale North’s most prominent areas. Scottsdale North’s 85262, 85266 and 85255 came in second, third and fourth respectively on the ranking list. Homes in the 85262 zip code sold with a median price of $815,000; homes in 85266, $728,000; homes in 85255, $650,000.
A few other notable rankings include 85259 with an average of $625,000; Carefree’s 85377 at $606,000; and 85258 with a median of $480,000. The “magic zip code” of Scottsdale’s 85254, which lies along the Phoenix/Scottsdale border, holds the #10 spot with a median sales price of $451,000, while North Phoenix’s 85050 is holding strong at No. 24 with a median of $361,000.
PropertyShark also ranked 50 of the most expensive zip codes in the “desert states” of Arizona and Nevada. According to the company’s report, “After releasing our traditional year-end report of the 100 most expensive zip codes in the U.S., we were curious to see what the priciest desert states zip codes were in 2019. After all, Arizona made its way into top 100 for the first time ever with Paradise Valley’s 85253, while Nevada was represented by two zips for the first time: 89413 and 89402 in the Lake Tahoe enclaves of Glenbrook and Crystal Bay, respectively.
Maricopa County nabbed 25 of the state’s most expensive zip codes, while Pima County filled two other spots on the list. Scottsdale North’s 85262 zip code took the fifth most expensive on the desert states list. Paradise Valley’s 85253 ZIP code also ranked No. 3 on the list of most expensive desert states zip codes, as the only Arizona zip code with medians above $1 million.
Other fun facts by the numbers, according to PropertyShark:
• With seven each, Phoenix and Scottsdale tie for the highest number of expensive zips per location
• Paradise Valley remains home to Arizona’s priciest zip code, up 40 percent in two years
• Arizona’s most expensive zips are almost exclusively in Maricopa County
PropertyShark calculates medians based on sale prices rather than asking prices to more accurately reflect the reality on the ground, as the final sale price can easily be higher than the initial asking figure in competitive markets. It also circumvents properties that linger on the market for extended periods of time from skewing the figures.