By Philip Haldiman | Your Valley
Six years ago there were seven luxury home sales in Peoria.
Since then, the luxury home market — those homes worth $1 million or more — has exploded on an upward trajectory, with 59 homes in that category sold so far this year.
In those six years, the industry has grown nearly 850% in Peoria.
The epicenter of this activity is the city’s 85383 ZIP code, spanning from Deer Valley Road up to Lake Pleasant.
Steven Hensley, senior manager at national real estate firm Zonda Advisory, said Peoria’s rise in luxury home sales can be attributed to the overall rising prices in the Phoenix area, steady new home activity and the uniqueness of the submarket relative to the rest of the Valley.