Phoenix, Arizona has one of the hottest housing markets in the country. The Phoenix metropolitan area has fully recovered from the slump brought on by COVID-19, and then some. The Case-Shiller house price index, which measures repeat sales, puts Phoenix at 32.9%.
The national average is 19.8%, to put the market conditions in Phoenix in perspective.
The trouble with trending real estate is it can make it difficult to make housing market predictions. One neighborhood might be the buzz of the week, causing housing costs to skyrocket as demand outpaces supply.
Which raises the question – what are the Phoenix housing market predictions? Let's take a closer look at the Phoenix housing market to get a clearer idea.
The greater Phoenix metropolitan area has been one of the fastest-growing areas in the United States for at least the last decade. The Phoenix population expanded by over 200,000 in 10 years, which comes out to a growth of 11.2%.
This population explosion is coming from all over. New Phoenix residents have been relocating from everywhere from California to Mexico. This brings the current Phoenix population to 1.6 million.
The greater Phoenix metro area is 4.9 million. This makes Phoenix the most populated city in Arizona. It's the fifth most populous city in the United States.
Considering the exodus of California residents to nearby states, alone, is reason enough to assume the market conditions in Phoenix will continue their upward trend for the foreseeable future. Phoenix is within a one-day drive of major metro areas like Los Angeles and Las Vegas.
Population isn't the only thing that's been booming in Phoenix. The economy has been enjoying a massive uptick in the last ten years, as well.
The current gross domestic product (GDP) of Phoenix is $281 billion. This is a 57% increase in a decade.
Numerous industries have been blossoming in the Phoenix area as a result of this growth. The leisure and hospitality industry is one of the fastest-growing sectors, followed by business and finance, and then education and health services.
These last facts also indicate the Phoenix housing market will continue to grow. It's also a sign that there is room for every kind of Phoenix investment property.
New families and rising professionals will be looking to buy new homes and condos. People moving to the state for the hospitality industry will be looking for rentals. This means the answer to the question "Will the Phoenix housing market crash again" is a resounding "No!"
If you're looking to get into a Phoenix investment property, working with a trusted Phoenix property management company will help you realize the dream of truly passive income.
Want to Take Advantage of Market Conditions in Phoenix?
You've come to the right place! Now that you know more about the prime market conditions in Phoenix, you're ready to make the most of them. Once you've found a Phoenix investment property, a property management team you can trust helps preserve and protect your investment.
Contact us today if you're ready to find out how a Phoenix property management company can help you realize your dreams!