The luxury home market - $1,000,000 and above – has been robust for the past five years. Less so in the past two as the general market has cooled. Previous to 2020, the average cost per square foot for homes over a million dollars remained fairly stable at about $350, versus $440 in 2006. Currently it’s about $587. Still, luxury homes clearly remain a relative bargain in terms of what you get for your money, particularly when you compare Sedona with competing locales like Aspen, Monterrey, and Santa Fe.