The days when a $1 million home automatically meant luxury are fading fast — especially in the Phoenix luxury housing market, according to Realtor.com®‘s 7 Levels of Luxury report.
A new Realtor.com report finds that while million-dollar homes have become increasingly common nationwide, Phoenix has firmly established itself as one of the country’s premier luxury housing markets. In fact, it now takes approximately $1.45 million to break into the top 10% of home listings in the Phoenix-Mesa-Chandler metro area, placing the Valley among the nation’s “Established Metros” for luxury real estate.
The findings come from Realtor.com’s new “7 Levels of Luxury” report, which measures luxury housing based on local market conditions rather than a universal price tag.
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The National Luxury Landscape, May 2026
| Median Listing Price | $430K |
| Luxury Threshold 90th Percentile | $1.28M |
| High-End Luxury Threshold 95th Percentile | $2.0M |
| Ultra Luxury Threshold 99th Percentile | $5.57M |
| Million-Dollar Listing Share | 13.8 % |
| Median Square Feet $1- $2 Million | 2,986 |
“Luxury is not a price point, it’s a percentile,” said Anthony Smith, senior economist at Realtor.com. “What defines high-end housing in Huntsville or Lincoln looks nothing like what defines it in Jackson Hole or Malibu. The million-dollar benchmark was never a universal standard, and the data makes that clear.”
Phoenix is a prime example.
The metro’s median listing price sits at $498,000, but the luxury threshold begins at $1.45 million, with the top 5% of listings starting around $2.5 million. The elite 1% of homes command $6.56 million or more.
Today, 16.5% of all active listings in metro Phoenix carry a price tag of at least $1 million, representing more than 3,200 luxury homes currently on the market.
Those numbers underscore how dramatically the Valley’s housing market has evolved during the past decade.
Once viewed primarily as an affordable alternative to coastal markets, Phoenix has transformed into one of the nation’s most desirable destinations for executives, entrepreneurs, retirees and affluent remote workers. Continued population growth, corporate relocations, expanding wealth and a strong luxury lifestyle have fueled demand for high-end homes across communities such as Paradise Valley, Scottsdale, Arcadia and the Northeast Valley.
Yet compared with coastal luxury markets, Phoenix still offers buyers considerably more home for their money.
Appendix: The 7 Levels of Luxury — Market-by-Market Breakdown
| Area | Geo Type | Median Listing | Million Dollar Listing Share | Million Dollar Listing Count | Median SqFt $1 – $2 Million | 90th Percentile Listing Price | 95th Percentile Listing Price | 99th Percentile Listing Price |
| Level 1 – Regional Hubs | ||||||||
| Huntsville, AL | Metro | $376K | 3.8 % | 114 | 4,387 | $759K | $946K | $1.47M |
| Lincoln, NE | Metro | $419K | 5.2 % | 45 | 4,601 | $800K | $1.00M | $1.83M |
| Rochester, MN | Metro | $425K | 9.2 % | 58 | 4,358 | $906K | $1.24M | $2.24M |
| Chattanooga, TN-GA | Metro | $400K | 7.8 % | 224 | 3,700 | $875K | $1.30M | $2.62M |
| Amarillo, TX | Metro | $318K | 4.4 % | 33 | 4,120 | $749K | $984K | $1.73M |
| Level 2 – Emerging Markets | ||||||||
| Fayetteville-Rogers, AR | Metro | $459K | 11.3 % | 362 | 3,678 | $1.08M | $1.50M | $2.95M |
| Durham-Chapel Hill, NC | Metro | $489K | 16.1 % | 323 | 3,930 | $1.25M | $1.75M | $3.30M |
| Colorado Springs, CO | Metro | $498K | 10.0 % | 353 | 4,469 | $998K | $1.34M | $2.38M |
| Knoxville, TN | Metro | $460K | 11.1 % | 357 | 3,886 | $1.08M | $1.49M | $3.24M |
| Savannah, GA | Metro | $410K | 10.3 % | 250 | 3,201 | $996K | $1.50M | $3.49M |
| Level 3 – Established Metros | ||||||||
| Atlanta-Sandy Springs, GA | Metro | $425K | 9.8 % | 2,708 | 4,669 | $994K | $1.45M | $3.20M |
| Dallas-Fort Worth, TX | Metro | $436K | 10.7 % | 3,006 | 4,080 | $1.06M | $1.65M | $4.19M |
| Phoenix-Mesa-Chandler, AZ | Metro | $498K | 16.5 % | 3,215 | 3,180 | $1.45M | $2.50M | $6.56M |
| Las Vegas-Henderson, NV | Metro | $475K | 12.7 % | 1,246 | 3,563 | $1.20M | $2.06M | $5.93M |
| Orlando-Kissimmee-Sanford, FL | Metro | $420K | 8.4 % | 1,121 | 3,630 | $923K | $1.40M | $3.49M |
| Level 4 – Access Trade-Off & Rapid Growth | ||||||||
| New York-Newark-Jersey City, NY | Metro | $775K | 34.4 % | 12,771 | 1,950 | $2.90M | $4.86M | $14.78M |
| Los Angeles-Long Beach, CA | Metro | $1.10M | 53.6 % | 9,928 | 1,966 | $4.19M | $7.22M | $21.92M |
| Miami-Fort Lauderdale, FL | Metro | $499K | 22.9 % | 10,060 | 2,134 | $2.50M | $4.56M | $14.89M |
| Seattle-Tacoma-Bellevue, WA | Metro | $780K | 33.4 % | 3,490 | 2,650 | $2.09M | $2.90M | $6.49M |
| Boise City, ID | Metro | $629K | 22.7 % | 610 | 3,220 | $1.45M | $1.99M | $3.49M |
| Level 5 – Intentional Destinations | ||||||||
| Key West-Key Largo, FL | Micro | $1.20M | 58.2 % | 808 | 1,600 | $4.80M | $7.0M | $25.0M |
| Bridgeport-Stamford-Danbury, CT (Greenwich) | Metro | $847K | 42.7 % | 603 | 3,500 | $4.2M | $6.86M | $18.88M |
| Westchester County, NY | County | $750K | 33.9 % | 521 | 2,842 | $2.78M | $4.09M | $9.02M |
| Sonoma County, CA | County | $998K | 50.0 % | 544 | 2,311 | $3.5M | $5.44M | $10.79M |
| Level 6 – Ultraluxury -Pure Luxury | ||||||||
| Hailey, ID | Micro | $1.25M | 53.1 % | 104 | 2,154 | $8.93M | $13.61M | $22.03M |
| Jackson, WY-ID | Micro | $1.72M | 66.1 % | 240 | 2,246 | $7.32M | $13.14M | $37.96M |
| Santa Barbara County, CA | County | $1.80M | 70.2 % | 432 | 2,118 | $9.00M | $15.45M | $38.07M |
| Napa County, CA | County | $1.40M | 63.7 % | 338 | 2,100 | $5.5M | $8.18M | $18.5M |
| Vineyard Haven, MA | Micro | $2.50M | 90.9 % | 170 | 2,348 | $7.95M | $12.71M | $21.75M |
| Kapaa, HI | Micro | $1.40M | 66.4 % | 245 | 1,443 | $6.09M | $8.55M | $19.89M |
| Heber, UT | Micro | $1.45M | 63.5 % | 813 | 2,819 | $6.25M | $8.70M | $21.22M |
| Level 7 – Elite Ultraluxury | ||||||||
| Aspen, CO (81611) | ZIP | $2.72M | 60.1 % | 125 | 1,805 | $24.95M | $34.98M | $74.45M |
| Newport Coast, CA (92657) | ZIP | $12.50M | 100.0 % | 45 | 5,145 | $46.50M | $63.59M | $66.53M |
| Fisher Island, FL (33109) | ZIP | $10.98M | 100.0 % | 44 | 3,600 | $35.60M | $44.10M | $53.32M |
| Beverly Hills, CA (90210) | ZIP | $9.38M | 99.2 % | 237 | 5,390 | $29.75M | $38.70M | $78.28M |
| Bridgehampton, NY (11932) | ZIP | $10.49M | 100.0 % | 36 | 5,578 | $25.00M | $33.38M | $60.60M |
| Bel Air, CA (90077) | ZIP | $7.43M | 92.4 % | 109 | 5,210 | $39.99M | $55.00M | $128.10M |
| Water Mill, NY (11976) | ZIP | $7.85M | 98.7 % | 74 | 6,384 | $28.75M | $33.05M | $66.09M |
| Atherton, CA (94027) | ZIP | $14.80M | 100.0 % | 13 | 6,914 | $32.35M | $40.10M | $47.76M |
| Upper West Side, NY (10023) | ZIP | $1.70 | 66 % | 128 | 1,291 | $9.72M | $15.99M | $48.06M |
| Midtown, NY (10019) | ZIP | $1.65 | 70 % | 96 | 1,200 | $11.40M | $19.40M | $46.50M |
According to Realtor.com, homes priced between $1 million and $2 million average about 3,180 square feet in the Phoenix metro — substantially larger than comparable luxury homes in cities such as Los Angeles, New York or Miami, where million-dollar buyers often sacrifice space for location.
Nationally, Realtor.com reports it now takes $1.28 million to enter the country’s top 10% of listings, compared with roughly $1 million before the pandemic housing boom. Million-dollar homes now account for 13.8% of all active listings nationwide, up significantly from about 9% before 2020.
The report divides luxury housing into seven distinct tiers, ranging from regional markets where luxury begins below $1 million to ultra-exclusive enclaves such as Aspen, Beverly Hills and Fisher Island, Florida, where luxury starts well above $20 million.
Phoenix lands squarely in the middle of that spectrum — a market where luxury is becoming increasingly competitive but remains attainable compared with many of the country’s most expensive destinations.
For buyers, sellers and developers, the report reinforces a changing reality: in Phoenix, $1 million is still a significant investment, but it’s no longer the automatic ticket into the luxury market. As the Valley continues attracting wealth, business investment and new residents, the definition of luxury is rising alongside home values.
