The real estate market in Phoenix is more scorching than the hottest August afternoon as a wave of young, urban-minded individuals flock to the city alongside boomers looking for a retirement or vacation home in the Valley. Property values are climbing year over year, with home sales bouncing back to pre-recession levels in recent months.
Many people are considering real estate and property ownership as a valuable form of investment, and others are simply looking to upgrade their homes after years of patience for the market to return to form. Read the infographic below to find out why this year is the best one yet to acquire property in Phoenix!
Share This Infographic On Your Site
Phoenix property values are rising like the mercury in a thermometer. What’s gotten people so excited about purchasing homes in the Valley, and what do you need to know about the real estate landscape?
Recent estimates place Phoenix’s population at 1.6 million, good enough to be the 5th largest city in America. The Valley, with 4.5 million people, is the 12th largest demographic area in the U.S.
On average, Phoenix adds 88 new people to the city every day!
Real Estate, Real Opportunity
Demand for homes is outpacing available inventory. Sales growth for Phoenix hovers around 7%, far outpacing the national average of 2%.
Median home prices, even after adjusting for inflation, have risen every year since the end of the Great Recession. They are now twice as high as they were in 2011.
Boomers & Birds
Citing the influence of retiring boomers, realtor.com rated Phoenix the #1 real estate market for 2017.
The National Association of Realtors states that 1 in every 5 homes purchased is a vacation or investment/retirement home.
Arizona State University estimates 300,000 “snowbird” seniors visit Phoenix communities each winter to escape the weather in their hometowns.
These snowbirds, often hailing from the Upper Midwest and Canada, contribute a $1 billion impact in spending.