A Look Into Luxury
In addition to tracking homes priced at $3 million and above, we also monitor the markets for homes valued at $10 million and $14 million or higher. For all three segments, 2024 was the most successful year on record, and 2025 has started off even stronger. The reason for this additional segmentation is the varying levels of competition at these three price points. For homeowners looking to sell and builders aiming to construct new properties, the inventory varies significantly: there is less than a one-year supply at the $3 million level, over a three-year supply at the $10 million level, and a five-year supply at the $14 million level.
As we approach the end of the first quarter of 2025, the luxury housing market in Arizona is performing exceptionally well. The average number of homes sold at the $3 million or higher price point exceeds 80 per month, marking a 35% increase from last year. Moreover, the sales of homes priced at $14 million or higher have already reached three, surpassing the total for all of 2023.
However, one area to monitor is the inventory level, which has risen by 31%. This increase could exert significant downward pressure on home prices if demand decreases. If you have any questions or need further information, please feel free to reach out to Michael Hankerson via direct message, text, phone, or email.
