For decades, Phoenix has enjoyed an increasing population. There was a huge boom from 2010 to 2020, making it the fifth largest city in the country. People are attracted to mild winters, arid and desert lifestyles.
Like most other Sunbelt cities, Phoenix exploded in popularity during the pandemic, turning the housing market from lukewarm water to red heat. Prices rose 167% from January 2020 to May 2022 as buyers snatched up every property they could. Thankfully, a healthy supply of new homes has helped raise prices by being too high, and has recently helped lower prices.
Another major factor: rapid warming climate. A few months of temperatures of 100° have become common, and daily records occur regularly. This heat has become unbearable for some and driven out of town.
Still, luxury properties continue to be on sale as luxury desert life remains attractive to luxury buyers. According to Redfin data, Phoenix had its most expensive home sales in May.
Most Expensive Home Sales in Phoenix: May 2025
1. 7140n 40th St. #12, Paradise Valley, AZ 85253
Selling price: $16,852,600 List price: $16,200,000
Located in Crown Canyon, this “Jade” residence spans 8,132 square feet with four bedrooms, six bathrooms, a 20-foot ceiling rise and an elevator.
Selling price: $11,466,089 List price: $11,466,089
Located at its base in Camelback Mountain, this 8,000-square-foot custom home features four beds, a 4.5 bath, a wellness suite and a Carver basement. Includes a chef’s kitchen, an elevator, a golf course and mountain views.
Selling price: $8,593,000 List price: $8,900,000
The 5,900-square-foot estate is located near Camelback Mountain, with four beds, 5.5 baths, a guesthouse and a dramatic wood-slat ceiling. The home offers smart home technology with mountain views and indoor and outdoor living.
Selling price: $7,400,000 List price: $7,750,000
This is a new 6,200-square-foot Paradise Valley home with four beds, 4.5 baths, rising prices and European oak floors. The disappearing glass walls offer views of the mountains and the city.
Selling price: $6,546,089 List price: $6,546,089
Located at the foot of Camelback Mountain, this 4,600-square-foot custom home features four beds, 4.5 baths, guest casitas and an elevator. Highlights include the chef’s kitchen, golf course and mountain views.
Selling price: $6,500,000 List price: $6,500,000
This is a modern Paradise Valley masterpiece spanning 4,258 square feet with a dramatic blend of three bedrooms, 3.5 baths, glass, steel and polished concrete.
Selling price: $6,450,000 List price: $8,250,000
This 6,800-square-foot custom Arcadia Estate includes five bedrooms, 5.5 baths, guesthouse and views of Camelback Mountain. It features a chef’s kitchen, soaring ceilings, a resort-style backyard with a pool and a spa.
Selling price: $5,200,000 List price: $5,500,000
In a one-acre lot near Camelback Mountain, this 5,000-square-foot home features five private bathrooms, guest casitas and glass walls.
Selling price: $4,400,000 List price: $4,700,000
This remodeled 1936 Adobe Estate is located on 1.4 acres along the Murphy Bridle Pass and includes five bedrooms, a 5.5 baths and a guesthouse.
Selling price: $4,225,000 List price: $4,225,000
Located at the foot of Camelback Mountain, this 2,710-square-foot condo features two bedrooms, a 2.5 bath and private elevator access.
