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The once little-known suburb of Paradise Valley, Arizona, has been experiencing an influx of affluent residents since the beginning of the pandemic, resulting in an unprecedented surge in demand. The town's privacy, spacious lots, and proximity to city life in Phoenix and Scottsdale have attracted a large number of out-of-state buyers, particularly those from New York and California who are now able to work remotely.
Among these new residents is Tina Garrity, who relocated from Chicago to Paradise Valley early in the pandemic. Garrity, who runs a management consulting business, had previously purchased a home in the town for occasional visits but decided to make it her primary residence when she started working remotely. The spacious property, complete with a guesthouse, tennis court, and putting green, offered a stark contrast to her two-bedroom Chicago rental that had no outdoor space.
Similarly, Samantha and Morgan Dollard traded their home in San Francisco for a larger house in Paradise Valley in search of a more peaceful and less busy lifestyle for their family. After selling their home in San Francisco, they purchased a five-bedroom property in Paradise Valley that offers considerably more space.
Another recent transplant, Connie De Groot, moved from Santa Monica, California, with her fiancé, Richard Engel. They chose Paradise Valley for its spacious lots, quiet streets, and greenery, as well as its close proximity to the city life of Phoenix and Scottsdale. They, like others, were also motivated by political considerations, expressing dissatisfaction with local policies in California that they believe have led to issues such as rising crime, higher taxes, and homelessness.
The influx of new residents has significantly impacted the local real estate market, causing prices to skyrocket. The median listing price of homes in Paradise Valley is now just over $5 million, roughly double what it was three years ago. At the same time, the inventory of available homes has decreased sharply, with just 78 homes listed for sale as of January 2023, compared to the typical 300 to 400 homes usually on the market.