The most expensive homes in Arizona are primarily in the Phoenix-Mesa-Chandler metro area, with Paradise Valley leading at a typical value of $3.47 million, showing a 13.6% increase over one year and 88.5% over five years. Other high-value cities include Carefree ($1.29M), Cave Creek ($1.05M), and Fort McDowell ($1.04M). Home values vary across cities, with some showing slight declines in the past year but significant growth over five years.