The Phoenix real estate market has risen to surprising heights in 2013. According to Forbes, Phoenix is now No. 8 in its list of America’s twenty fastest growing cities, edging up to No. 4 in population growth rate going from 1% in 2012 to 2.7% in 2013. Despite sustaining a heavy blow from the recession, Phoenix has begun to bounce back with a vengeance as many Midwesterners and Californians move there in droves.
Phoenix looks especially attractive to the age 20-29 demographic, with many coming to Phoenix in search of jobs. Indeed, employment in Phoenix is on the rise in several fields, including tourism, healthcare, construction, and the service sector.
High demand for Phoenix real estate has housing prices on the rise. In many cases, individuals are finding the cost of a mortgage to be less than the cost of renting, driving demand for housing up even more.
The Phoenix Business Journal reported:
“The median Valley home price was $185,000 in May, up 26 percent year over year, while foreclosures plunged by about 50 percent, according to Arizona State University research.”
Beyond the appeal of jobs and a booming housing market, Phoenix has many other things helping to increase its appeal to prospective home owners. The Arizona weather in Phoenix has over 300 sunny days every year, making it much easier to have fun in the sun and much rarer for an outdoor event to be rained out. And while summer temperatures in Phoenix often top 100 degrees, the low humidity makes it feel much less hot than it would in more humid parts of the nation. Pleasantly warm winters make for a year-round respite from the cold.
There are many great homes for sale in North Central Phoenix.
So whether you are looking for a job or looking for a great place to invest in real estate, Phoenix should be near the top of your list.
About the author
Bill Hartzer is a freelance writer based in Texas, and writes for Sharad.