Arizona’s Luxury Market Is Rewriting the Record Book

While much of Arizona’s housing market remains uneven, the luxury market is telling a very different story. Through the first seven months of 2026, 726 homes priced at $3 million or greater have sold. At the current pace, Arizona could finish the year with over 1,200 sales, well beyond the previous record of 878 set in 2025.

The numbers become even more impressive at the top. Forty-eight homes priced at $10 million or greater have already sold, surpassing the previous full-year record of 33. The current pace could carry that total beyond 80 sales. At $14 million or greater, 15 sales have already tied the 2025 record, putting Arizona on pace for over 25 sales.

Supply is also being absorbed more quickly. Arizona currently has approximately 5.6 months of supply above $3 million, nine months above $10 million and just over one year above $14 million. In 2023, the $14 million-plus category carried an estimated 15-year supply.

Then there are the homes behind the numbers.

A 20,919-square-foot Paradise Valley estate sold for $40.24 million in cash, establishing a new Arizona record. It included an indoor go-kart track, private shooting range, theater, spa, two 432-bottle wine displays and garage space for as many as 18 vehicles. Apparently, even the cars needed luxury accommodations.

Another fascinating sale was the McCune Mansion. The 52,000-square-foot landmark sold for $9 million after spending nearly two years under contract. Its new owner reportedly plans to invest approximately $40 million renovating the estate. A property of this size, history and complexity was never going to be an ordinary transaction. We are pleased to see it will be restored rather than redeveloped, preserving a remarkable part of Arizona history.

The records, faster absorption and extraordinary properties all point in the same direction: Arizona’s luxury market is reaching an entirely new level.