Two Markets, One Phoenix: What Buyers and Sellers Need to Know
Phoenix’s housing market is telling two very different stories right now—and if you only look at the averages, it’s easy to misread what’s happening.
At the top end, the ultra-luxury segment is thriving. In just the first ten weeks of 2026, 21 homes priced above $10 million have already closed, surpassing all of 2022. These sales, concentrated in select Northeast Valley zip codes, are powerful enough to push the average price per square foot up across the metro. On paper, it can look like home values are rising across the board—but this spike is mostly fueled by a small, high-end slice of the market.