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Phoenix has enjoyed a growing population for decades, with a major boom from 2010-2020 that helped it become the fifth-largest city in the nation. People are drawn to the mild winters, dry heat, and desert lifestyle.
Like most other Sun Belt cities, Phoenix exploded in popularity during the pandemic, which transformed the housing market from lukewarm to red-hot. Prices rose by 167% from January 2020 to May 2022, as buyers snatched up every property they could. Thankfully, a healthy supply of new housing helped prices from rising too high, and have recently helped prices cool.
Another major factor: A quickly warming climate. Months of 100° temperatures have become common, with daily records a regular occurrence. This heat is becoming unbearable for some, pushing them out of the city.
Even so, luxury properties continue to sell, as high-end desert living remains attractive to upscale buyers. Here were the most expensive home sales in Phoenix in May, according to data from Redfin.
The most expensive home sales in Phoenix: May 2025
1. 7140 N 40th St. #12, Paradise Valley, AZ 85253
- Sale price: $16,852,600
- List price: $16,200,000
This just-completed “Jade” residence in Crown Canyon spans 8,132 square feet with 4 bedrooms, 6 bathrooms, soaring 20-foot ceilings, and an elevator.
- Sale price: $11,466,089
- List price: $11,466,089
This 8,000-square-foot custom home at the base of Camelback Mountain features 4 beds, 4.5 baths, a wellness suite, and a car-bar basement. Includes a chef’s kitchen, elevator, and views of the golf course and mountains.
- Sale price: $8,593,000
- List price: $8,900,000
A 5,900-square-foot estate near Camelback Mountain with 4 beds, 5.5 baths, a guest house, and dramatic wood-slat ceilings. The home offers smart-home tech and indoor-outdoor living with mountain views.
- Sale price: $7,400,000
- List price: $7,750,000
This is a new 6,200-square-foot Paradise Valley home with 4 beds, 4.5 baths, soaring ceilings, and European oak floors. Disappearing glass walls open to mountain and city views.
- Sale price: $6,546,089
- List price: $6,546,089
At the base of Camelback Mountain, this 4,600-square-foot custom home features 4 beds, 4.5 baths, a guest casita, and an elevator. Highlights include a chef’s kitchen, golf course, and mountain views.
- Sale price: $6,500,000
- List price: $6,500,000
This is a modern Paradise Valley masterpiece spanning 4,258 square feet with 3 bedrooms, 3.5 baths, and a dramatic blend of glass, steel, and polished concrete.
- Sale price: $6,450,000
- List price: $8,250,000
This 6,800-square-foot custom Arcadia estate includes 5 bedrooms, 5.5 baths, a guest house, and views of Camelback Mountain. It features a chef’s kitchen, soaring ceilings, and a resort-style backyard with a pool and spa.
- Sale price: $5,200,000
- List price: $5,500,000
On a one-acre lot near Camelback Mountain, this 5,000-square-foot home features 5 en-suite bedrooms, a guest casita, and walls of glass.
- Sale price: $4,400,000
- List price: $4,700,000
This remodeled 1936 adobe estate sits on 1.4 acres along Murphy Bridle Path and includes 5 bedrooms, 5.5 baths, and a guest house.
- Sale price: $4,225,000
- List price: $4,225,000
Located at the base of Camelback Mountain, this 2,710-square-foot condo features 2 bedrooms, 2.5 baths, and private elevator access.
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