Arizona’s most expensive towns didn’t just hold their value in 2025—they soared. Zillow’s Home Value Index shows these 15 spots topping the charts, with some more than doubling since the early 2010s. From desert enclaves with luxury perks to booming hubs for out-of-state buyers, these towns have turned high demand and high style into sky-high home prices.
15. Paradise Valley – 204% Home Price Increase Since 2011
- 2010: $1,218,799
- 2011: $1,070,835 (-$147,964, -12.14% from previous year)
- 2012: $1,105,061 (+$34,226, +3.20% from previous year)
- 2013: $1,299,910 (+$194,849, +17.63% from previous year)
- 2014: $1,490,677 (+$190,767, +14.68% from previous year)
- 2015: $1,496,419 (+$5,743, +0.39% from previous year)
- 2016: $1,485,306 (-$11,114, -0.74% from previous year)
- 2017: $1,491,726 (+$6,420, +0.43% from previous year)
- 2018: $1,537,996 (+$46,269, +3.10% from previous year)
- 2019: $1,616,180 (+$78,184, +5.08% from previous year)
- 2020: N/A
- 2021: $1,998,035
- 2022: $2,777,089 (+$779,054, +38.99% from previous year)
- 2023: $2,685,469 (-$91,620, -3.30% from previous year)
- 2024: $2,945,446 (+$259,977, +9.68% from previous year)
- 2025: $3,257,758 (+$312,312, +10.60% from previous year)
Home prices in Paradise Valley have soared over the past decade, especially following a huge leap in 2022 when values surged nearly 39% in one year. Despite a slight correction in 2023, the town rebounded strongly in 2024 and 2025, bringing the total increase from 2011 to 2025 to over 200%. This growth reflects the town’s consistent demand among luxury buyers and out-of-state investors.
Paradise Valley – Arizona’s Premier Luxury Enclave
Paradise Valley, nestled between Scottsdale and Phoenix, is synonymous with wealth and exclusivity. Known for sprawling estates, high-end resorts like Sanctuary Camelback Mountain, and dramatic views of Mummy Mountain and Camelback, it continues to attract affluent homeowners. The town’s strict zoning laws prevent commercial development, maintaining a quiet, residential character despite its prime location.
The lack of overdevelopment and the limited housing stock drive demand even higher. Many buyers are drawn by the large lot sizes, top-rated schools, and a reputation as one of the state’s most prestigious ZIP codes. With a 2025 average home price exceeding $3.2 million, Paradise Valley easily tops the list of Arizona’s most expensive places to live.
14. Carefree – 165% Home Price Increase Since 2011
- 2010: $523,979
- 2011: $490,579 (-$33,400, -6.37% from previous year)
- 2012: $513,644 (+$23,065, +4.70% from previous year)
- 2013: $580,569 (+$66,925, +13.03% from previous year)
- 2014: $635,577 (+$55,007, +9.47% from previous year)
- 2015: $643,992 (+$8,415, +1.32% from previous year)
- 2016: $682,108 (+$38,116, +5.92% from previous year)
- 2017: $682,600 (+$492, +0.07% from previous year)
- 2018: $703,799 (+$21,198, +3.11% from previous year)
- 2019: $746,073 (+$42,275, +6.01% from previous year)
- 2020: N/A
- 2021: $936,407
- 2022: $1,227,359 (+$290,952, +31.07% from previous year)
- 2023: $1,197,686 (-$29,673, -2.42% from previous year)
- 2024: $1,283,619 (+$85,933, +7.17% from previous year)
- 2025: $1,302,123 (+$18,504, +1.44% from previous year)
Carefree’s home values have jumped by over 165% since 2011, with a particularly steep climb between 2021 and 2022. The town saw modest fluctuations in recent years but maintained its position as one of the most expensive communities in Arizona. Even with a slight dip in 2023, average prices remained above $1.3 million in 2025.
Carefree – A Desert Town That Lives Up to Its Name
Located just north of Scottsdale, Carefree lives up to its name with its serene desert setting and laid-back ambiance. Originally designed as a master-planned community in the 1950s, it features wide streets, natural landscapes, and custom homes that often blend into the surrounding Sonoran terrain. The local landmark, Black Mountain, offers spectacular views and hiking opportunities.
Despite its quiet character, Carefree is not far from amenities in Scottsdale and Cave Creek. Homebuyers here are typically looking for space, privacy, and an escape from denser metro areas. Limited housing inventory and the town’s appeal to luxury buyers help explain the sustained rise in home values over the past decade.
13. Cave Creek – 185% Home Price Increase Since 2011
- 2010: $429,652
- 2011: $368,767 (-$60,885, -14.17% from previous year)
- 2012: $376,316 (+$7,549, +2.05% from previous year)
- 2013: $433,529 (+$57,213, +15.20% from previous year)
- 2014: $484,290 (+$50,761, +11.71% from previous year)
- 2015: $490,901 (+$6,611, +1.37% from previous year)
- 2016: $518,469 (+$27,567, +5.62% from previous year)
- 2017: $533,037 (+$14,568, +2.81% from previous year)
- 2018: $558,034 (+$24,997, +4.69% from previous year)
- 2019: $587,699 (+$29,665, +5.32% from previous year)
- 2020: N/A
- 2021: $744,440
- 2022: $966,689 (+$222,249, +29.85% from previous year)
- 2023: $944,232 (-$22,457, -2.32% from previous year)
- 2024: $1,041,015 (+$96,783, +10.25% from previous year)
- 2025: $1,052,356 (+$11,341, +1.09% from previous year)
Cave Creek’s average home price grew from $368K in 2011 to over $1.05 million in 2025—an impressive 185% increase. The town saw especially strong gains during the 2021–2022 boom, followed by continued upward momentum despite a small correction in 2023.
Cave Creek – Western Charm Meets Modern Growth
Cave Creek retains much of its old Western charm, with saloons, horseback riding trails, and preserved desert terrain. But this small town is also growing rapidly, appealing to buyers looking for upscale homes in a rustic setting. Located just north of Phoenix and adjacent to Carefree, Cave Creek offers larger parcels of land and fewer cookie-cutter developments…