Phoenix homes over $1 million by ZIP code: where supply is tight and where it is not

Nov 11

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Only about 9% of Phoenix home sales close at $1 million or more, but in ZIP 85018 that share is 57%. The $1 million tier in Phoenix is concentrated in a handful of ZIP codes, and supply inside that tier ranges from tight to plentiful depending on where you look.

The short answer Phoenix homes over $1 million are concentrated in a few ZIP codes, led by 85018, where 57% of sales in the past 12 months closed at $1 million or more. By our calculation, supply at that price level is tight in 85028 and 85050, about 2.4 and 3.0 months, and much looser in 85085 and 85014, about 8.8 and 12.7 months. So the same price point can be a seller's market in one ZIP code and a buyer's market a few miles away.

What the data says

Phoenix citywide: 1,227 of 12,945 sales closed at $1 million or more (9%), median sale price $440,000, 67% listing success rate. See all Phoenix homes for sale. (Arizona Luxury Partners Phoenix page, ARMLS via Flexmls, 12 months to November 6, 2026)
85018: 366 of 644 sales at $1 million or more (57%), 140 of 271 listings at $1 million or more, median sale $1,243,750, 59% success rate. Browse homes for sale in Phoenix 85018. (ZIP page, 12 months to November 11, 2026)
85016: 120 of 564 sales at $1 million or more (21%), 63 of 261 listings, median sale $567,000, 62% success rate. Browse homes for sale in Phoenix 85016. (ZIP page, November 11, 2026)
85028: 66 of 328 sales at $1 million or more (20%), 13 of 67 listings, median sale $695,000, 76% success rate. Browse homes for sale in Phoenix 85028. (ZIP page, November 11, 2026)
85050: 92 of 505 sales at $1 million or more (18%), 23 of 144 listings, median sale $580,000, 74% success rate. Browse homes for sale in Phoenix 85050. (ZIP page, November 11, 2026)
85086: 85 of 364 sales at $1 million or more (23%), 49 of 154 listings, median sale $672,500, 67% success rate. Browse homes for sale in Phoenix 85086. (ZIP page, November 11, 2026)
85085: 37 of 493 sales at $1 million or more (8%), 27 of 133 listings, median sale $610,000, 71% success rate. Browse homes for sale in Phoenix 85085. (ZIP page, November 11, 2026)
85014: 17 of 299 sales at $1 million or more (6%), 18 of 124 listings, median sale $485,000, 61% success rate. Browse homes for sale in Phoenix 85014. (ZIP page, November 11, 2026)

Months of supply at $1 million and up, by ZIP code

Each ZIP page reports months of supply for all price points. To look at the $1 million tier on its own, we divided each ZIP code's active listings at $1 million or more by its average monthly sales at $1 million or more over the past 12 months. These are calculations by Arizona Luxury Partners from the page figures above.

85028: about 2.4 months (13 listings, about 5.5 sales a month).
85050: about 3.0 months (23 listings, about 7.7 sales a month).
85018: about 4.6 months (140 listings, about 30.5 sales a month).
85016: about 6.3 months (63 listings, 10 sales a month).
85086: about 6.9 months (49 listings, about 7.1 sales a month).
85085: about 8.8 months (27 listings, about 3.1 sales a month).
85014: about 12.7 months (18 listings, about 1.4 sales a month).

For reference, our 85018 page describes that ZIP code's overall 5.0 months of supply as close to balanced. By that yardstick, the $1 million tier is tight in 85028 and 85050, about balanced in 85018, and leaning toward buyers in 85016, 85086, 85085, and 85014.

What it means

85018 is the center of the Phoenix luxury market

85018 has more $1 million sales than any other Phoenix ZIP code we checked, and more than half its listings sit at that level. Much of that comes from Arcadia. On our Arcadia homes for sale page, 267 of 399 sales in the 12 months to November 6, 2026 closed at $1 million or more, at a median of $1,621,300 and $588 per square foot. That map includes homes on both the Phoenix and Scottsdale sides of the boundary. See where Arcadia sits on our Northeast Valley map.

With about 4.6 months of supply in the tier, 85018 is close to balanced. Buyers have choices, but well priced homes still move.

Small luxury pockets inside bigger ZIP codes

In 85016, most sales are below $1 million, but there are high end pockets. Our Arizona Biltmore homes for sale page shows 13 sales at a median of $3,300,000 in the 12 months to November 10, 2026, with 12 of the 13 at $1 million or more and a 76% listing success rate. Small samples like that can swing a lot from one year to the next.

North Phoenix: tight in some ZIP codes, loose in others

85028 and 85050 have the tightest $1 million supply on our list, and both have listing success rates in the mid 70s. Further north, 85086 and 85085 have more $1 million listings relative to sales. In 85085, 20% of active listings were priced at $1 million or more, but only 8% of sales in the past year closed there. That kind of gap usually means some sellers are pricing ahead of what buyers have paid.

Practical advice

If you are buying above $1 million

Look at supply in your price tier and ZIP code, not the citywide average. A 9% citywide share tells you little about 85018 or 85085.
In tighter ZIP codes like 85028 and 85050, be ready to move quickly on well priced homes, with financing and inspections lined up.
In looser ZIP codes, ask how long a home has been listed and whether it has had price changes, and compare it to recent sales in the same neighborhood.

If you are selling above $1 million

Price against recent $1 million sales in your own neighborhood, not against other listings. Listings show what sellers hope for. Sales show what buyers paid.
In a ZIP code where $1 million listings outnumber recent demand, condition, presentation, and pricing in the first weeks carry more weight.

Avoid this mistake: using a ZIP code's overall months of supply to judge a $1 million home. In 85085 the overall figure was 3.2 months, but by our calculation the $1 million tier was about 8.8 months. The tier number is the one that matters for your price point.

The honest caveats

Listings at $1 million or more are counted by list price, while sales at $1 million or more are counted by sale price. Some homes listed just above $1 million will sell just below it, so the tier calculations are estimates.
Small numbers move a lot. 85014 had 17 sales at $1 million or more in a year, and 85028 had 13 such listings on the day we checked. A few sales or new listings can change the picture quickly.
ZIP codes do not follow neighborhood lines, and the Phoenix citywide figures are dated November 6, 2026 while the ZIP figures are dated November 11, 2026, so we did not combine them.
Medians for sale to list ratio and days on market on our pages cover all price points, not just the $1 million tier.

Frequently asked questions

How many Phoenix homes sell for $1 million or more?

On our Phoenix homes for sale page, 1,227 of 12,945 Phoenix home sales in the 12 months to November 6, 2026 closed at $1 million or more, about 9%. The citywide median sale price over that period was $440,000, so the $1 million tier is a small slice of the Phoenix market.

Which Phoenix ZIP code has the most homes over $1 million?

ZIP 85018 has the most by a wide margin. In the 12 months to November 11, 2026, 366 of its 644 sales closed at $1 million or more, or 57%, and 140 of its 271 active listings were priced at $1 million or more.

What is months of supply for $1 million homes?

Months of supply is how long current listings would last at the recent pace of sales if no new homes came on the market. For the $1 million tier, we divide active listings at $1 million or more by the average number of $1 million sales per month over the past 12 months. Lower numbers point to tighter supply, and higher numbers point to more choice for buyers.

Is the Phoenix luxury market a buyer's market?

It depends on the ZIP code. By our calculation, the $1 million tier in 85028 had about 2.4 months of supply, which is tight, while 85085 had about 8.8 months and 85014 about 12.7 months, which leans toward buyers. Citywide labels hide those differences.

Why do some ZIP codes have more $1 million listings than their sales would suggest?

When a ZIP code's share of listings at $1 million or more is higher than its share of sales at that level, sellers are asking for prices that fewer buyers have paid there recently. In 85085, 20% of listings were at $1 million or more versus 8% of sales. That gap often shows up later as price changes or longer days on market.

How much do homes in Arcadia cost?

On our Arcadia page, homes in the 12 months to November 6, 2026 sold at a median of $1,621,300, or $588 per square foot, and 67% of the 399 sales closed at $1 million or more. The Arcadia map on that page includes homes in both Phoenix and Scottsdale inside its boundaries.

What is a listing success rate?

It is the share of listings that left the market over the past 12 months that closed rather than being cancelled or expiring. On our pages, a listing that was cancelled and relisted counts as cancelled. In 85028 the rate was 76%, while in 85018 it was 59%.

Do $1 million homes in Phoenix sell below list price?

Our ZIP pages report medians for all sales, not just the $1 million tier. In 85018, homes closed at a median of 96.67% of final list price and 93.92% of original list price in the 12 months to November 11, 2026. Expect higher priced homes in a slower ZIP code to have more room for negotiation, but check sales in the same neighborhood and price range.

Is now a good time to buy a $1 million home in Phoenix?

There is no single answer for the whole city. Supply ranges from tight to plentiful depending on the ZIP code, and your own budget, timeline, and financing matter more than any average. Arizona Luxury Partners is a real estate brokerage, not a mortgage lender, so talk with a licensed lender about your own rate and options.

How often are these Phoenix ZIP code figures updated?

The figures on our ZIP code and community pages are recalculated from ARMLS data and show their own as of date at the top of each page. The numbers in this article were read on November 11, 2026, and the citywide Phoenix figures were dated November 6, 2026.

The bottom line

The Phoenix $1 million market is really several markets. 85018 carries the most volume and is close to balanced, 85028 and 85050 are tight, and 85085 and 85014 have more supply than recent sales would absorb quickly. Whether you are buying or selling, start with the numbers for your own ZIP code and price tier, and we are glad to pull the exact sales for any neighborhood at any price point.

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Browse homes: Phoenix 85018 homes for sale · Arcadia homes for sale · Phoenix 85028 homes for sale · Phoenix homes for sale

Your advisors

Kyle Hermann
Associate Broker | Realtor®
602.814.7266
kyle@azluxurypartners.com
License BR665419000
Meet Kyle

Cheryl Solano
CRS® | Realtor®
480.518.0181
cheryl@azluxurypartners.com
License SA541911000
Meet Cheryl

Art Buck
Associate Broker | Realtor® | CCIM
480.510.7689
art@azluxurypartners.com
License BR014102000
Meet Art

Arizona Luxury Partners | Real Estate Group at RE/MAX Fine Properties

Sources

Arizona Luxury Partners, Phoenix homes for sale page, ARMLS via Flexmls, 12 months to November 6, 2026. Link
Arizona Luxury Partners, Phoenix 85018, 85016, 85028, 85050, 85086, 85085, and 85014 ZIP code pages, ARMLS via Flexmls, 12 months to November 11, 2026, and active listings on November 11, 2026. Link
Arizona Luxury Partners, Arcadia homes for sale page, ARMLS via Flexmls, 12 months to November 6, 2026. Link
Arizona Luxury Partners, Arizona Biltmore homes for sale page, ARMLS via Flexmls, 12 months to November 10, 2026. Link
Months of supply for the $1 million tier calculated by Arizona Luxury Partners: active listings at $1 million or more divided by sales at $1 million or more over 12 months divided by 12 (85028: 13 / (66/12); 85050: 23 / (92/12); 85018: 140 / (366/12); 85016: 63 / (120/12); 85086: 49 / (85/12); 85085: 27 / (37/12); 85014: 18 / (17/12)).
Shares of listings at $1 million or more calculated by Arizona Luxury Partners: 85085, 27 of 133 listings (20%), compared with 37 of 493 sales (8%) as shown on the ZIP page.

All information provided is deemed reliable but is not guaranteed and should be independently verified. This article is for general information only and is not financial, lending, legal, or tax advice. Arizona Luxury Partners | Real Estate Group at RE/MAX Fine Properties, 21020 N. Pima Road, Scottsdale, AZ 85255. Brokerage License LC629808000. Equal Housing Opportunity.

Kyle Hermann