While the Metro Phoenix Housing Market has cooled, the Arizona Luxury Housing Market is setting records, and the gap between the two has rarely been this wide.

It is June 6th, and the Arizona Luxury Housing Market numbers through the first five months of 2026 are in.

If you have been reading the headlines, you have watched the Metro Phoenix Housing Market cool, and it would be reasonable to assume the Arizona Luxury Housing Market cooled with it. It did not. The two have separated, and the gap between them has rarely been this wide.

Part of the reason is what each market runs on. The Metro Phoenix Housing Market moves with mortgage rates. The Arizona Luxury Housing Market moves with the stock market and Bitcoin, and both have been strong. Two markets, two engines, and right now only one of them is slowing.

Look at what the luxury numbers are actually doing. Homes at $3 million and above are selling fast enough to push 2026 past 1,000 sales, a level Arizona has never reached. The $14 million-plus segment is running at close to twice last year’s record pace. And $10 million-plus homes have already outsold any full year we have ever recorded, in five months. Not on pace to. Already done.

Supply tells the same story from the other side. As recently as 2023, Arizona’s $14 million-plus homes carried close to a fifteen-year supply, and buyers at that level had all the time in the world. Today that same segment clears in about a year. The rarest inventory in the state is being absorbed faster than it ever has.

Builders are confident too. They are bullish on the Arizona Luxury Housing Market, and new homes above $10 million continue to break ground. No one commits that kind of capital, years ahead of a buyer, without believing the demand will be there.

Much of that demand is coming from outside Arizona. Buyers from California, Washington, and beyond are moving here for a business-friendly regulatory environment and far more home for the money than they get back home. That gap is a real part of why the luxury numbers look the way they do.

One honest note. A market this strong still has limits. We regularly see a home worth around $2.5 million listed at $3.5 million, and it sits for the better part of a year before it cancels or expires. The Arizona Luxury Housing Market is doing very well, but it is not a market where you can name any price and expect it to sell. The homes priced to what they are actually worth are the ones that move.

The picture is hard to argue with. This is a market with real depth, real demand, and a value story that holds up against the coasts. If you want to know exactly where your home stands in it, that is worth a conversation.

Call or text Michael Hankerson directly at 602-770-7205.