The Premier Title Agency team can’t help but be excited about what the next decade brings for the Arizona housing market. We don’t want to sound overconfident, but all signs point to another strong year for real estate here.
Lee McPheters, research professor of economics in the W. P. Carey School of Business at ASU and director of the school’s JPMorgan Chase Economic Outlook Center, summed it up this way: “We’re continuing to get the benefit of more people moving here and a relatively robust birth rate and that’s a key driver for the economy.”
Proving his point, our state ranked No. 2 for year-over-year job growth, fueling more opportunities for everyone. This is on top of Arizona’s government touting that we are second in the country for personal income growth, third for economic momentum and fourth for population growth.
We’re not the only ones noticing how promising the Arizona housing market is. Residential growth? We have it. Commercial growth? We have that too. There’s a $26 trillion market for U.S. residential real estate and Phoenix is where investors are going head-to-head to prove it.
This also means that the word we’re all watching is... affordability. Here’s what you need to know about our region:
• Phoenix is the third-ranked metro when it comes to the highest net inflow of movers, with the majority of people coming from Los Angeles. One of the main reasons for this being affordability.
• The seasonally adjusted median home price in January 2010 sat at $129,613 compared to the seasonally adjusted median home price in October 2019, which sat at $286,319. That huge jump doesn’t mean there isn’t still affordable options around, but people may need more help finding them.
• There’s a focus on the construction of single-family rental communities in our area too. The move is said to help those who don’t want to buy or can’t afford, but still want the comforts of a single-family home.