Trends in the Phoenix Arizona Housing Market
Before taking a look into the reasons behind trends and changes in prices, it is important to understand exactly what is going on in the Phoenix real estate market and how it has affected prices for homes and apartments. The housing market in Phoenix is quickly becoming one of the fastest-growing in the United States, with home prices in Phoenix, Arizona, going up about 27% from 2021 to 2022. Apartment rental prices have also seen an uptick, with them now being valued at about 18% higher than they were the year prior.
The trend of increased home prices in Phoenix, Arizona, and most Arizona home prices as well, did not come out of nowhere. There are actually several different reasons for these increases, and they can all be traced to the city and what it has to offer.
Reasons for Phoenix Home Prices Changing
The Phoenix real estate market has long been championed as one that offers affordability to the residents of the state, and while this is true today, it is objectively more expensive to live in the area. The main reasons attributed to the growth in Phoenix house prices can be traced back to new and growing competition for housing.
Phoenix has a large retirement community, and for a long time, the city was mostly known for this circumstance. Recently there has been a change. As younger residents of the city start to buy homes for the first time, a real estate price boom begins. More buyers mean more competition for the property in question and increases in prices. Phoenix is still renowned as being an affordable city, and this has attracted other younger people from the state and from around the country to start moving in and calling this place home. The market has had a steady but large growth in prices over the past few years, and with the case remaining unchanged, it is becoming more and more possible for anyone to grow their wealth in this sunny paradise.
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