Phoenix, AZ Makes Realtor.com's Top 10 Housing Markets For 2021!

Realtor.com has released its top housing markets for 2021 with the Phoenix-Mesa-Scottsdale, AZ area making the Top 10. Landing on the top 6th spot, Phoenix, AZ placed highly on the list with a median home price of $412,260, home price change at +7.0 percent and sales change at +11.4 percent in addition to a combined sales and price growth at +18.4 percent.

Popular among retirees for its great weather and affordable cost of living, Phoenix has also started attracting younger buyers and new residents coming from pricier West Coast markets like San Francisco, Seattle and Portland. With housing demand on the rise, home permits in Arizona's state capital reached record highs in March, April and May.

The presence of millenial homebuyers or homeowners in a market is a good sign for the area as they are expected to be making the majority of the home purchases, subsequently pushing home price growth and sales. The older and more financially stable age groups are then expected to pick up the majority of home purchases the following year.

In addition to big city shopping, dining and entertainment choices (minus the large metro traffic), Phoenix residents enjoy business and employment opportunities in both public and private sectors including those in education, government, healthcare, manufacturing and military. Phoenix is also establishing itself as an emerging tech hub abound with work opportunities in technology.

Strong government presence also grants Phoenix stability in its local economy and jobs markets, which is now considerably important coming off a year disrupted by a global pandemic.

Realtor.com’s ranking for its top 10 housing markets is based on the combined yearly percentage growth in both home sales and prices expected in 2021 among the top 100 largest markets in the country per the website’s metro level housing forecast. Low mortgage rates, a thriving tech industry and new housing inventory are expected to boost these housing markets' growth in the coming year.

Source Article:

https://www.realtor.com/

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Phoenix, AZ Makes Realtor.com's Top 10 Housing Markets For 2021!