Million-dollar home prices not dropping as much in metro Phoenix

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Million-dollar home sales in metro Phoenix were down about 38% in November. But, overall, Phoenix-area home sales were down 46% that month.

Metro Phoenix’s luxury home sales are not slowing as much as the rest of the housing market.

“Buyers of high-end luxury estates aren’t so much concerned about interest rates as they are of the value and the opportunities in our high-end enclaves,” said the veteran of high-end Valley home sales. Houses priced between $2 million and $3 million have shifted up and down during the market's cooling since June but are back up to near-record levels. The average price per square foot was about $660 in December.

A drove of people from more expensive areas moved to metro Phoenix to live during the pandemic, and the trend continues, said real estate agents.

 

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