Move Or Invest In These 5 Most Promising Arizona Real Estate Markets!
Despite the challenges brought on by the year 2020, the U.S. housing market persevered and for the Arizona real estate market in particular, it has grown to become one of the hottest real estate markets in the nation. Arizona has continue to prove true the confidence bestowed by Zillow research from late 2020 of an 8.2% appreciation in house prices up to September 2021 while keeping up with its over two-decade history of exponential growth in property values. As we've noted these past several months, low mortgage rates coupled with low inventory intensified buyer competition and helped drive home values up.
Of course, not every Arizona city is the same so we now take a closer look at which real estate markets in The Valley are showing the most promise:
One of the largest housing markets in the country is also one of the nation's hottest real estate markets which at one point ranked number two in the US for 2021. Arizona’s most populous city continue to attract new residents and visitors thanks to its great weather, a robust economy, outstanding dining and shopping experience as well as affordability. With the number of remote workers on the rise, you can bet more people will continue to flock to the suburbs of Phoenix for its affordable homes hosting office spaces and the gorgeous climate one just can't simply can't get enough of.
High employment rate, good schools and a growing tourism industry has pushed Scottsdale’s real estate market to steadily flourish throughout the decades. Not only is it an ideal place for families and young professionals to move to, Scottsdale has also proven to be one of the hottest place for investors looking to maximize returns and capitalize. Your initial spending on Scottsdale properties might be higher compared to the other cities in our top five but the likely guaranteed returns are well worth the investment.
"Old Pueblo's” cost of living ranked it among the lowest in the country (6% lower than the national average, in fact) but there's more to this family-friendly city that makes it desirable. In addition to superb public schools and gorgeous outdoor landscapes, Tucson presents terrific investment opportunities. Prospective investors of long-term rentals can look into Corona de Tucson and its closeness to schools and low crime rate while those interested in commercial real estate can check out their options at its burgeoning downtown area.
With more than 20 colleges including Arizona State University within proximity, a fantastic nightlife and an increasing number of commercial buildings, Tempe is growing to become one of the promosing urban centers in the Valley. But those aren't the only reasons why you should look to invest long-term in Tempe properties- the city's job market grew by 3.3% and is projected to skyrocket to 49.9% over the next decade! And what makes it all the more amazing is that the national average for job market growth is 33.65%!
While smaller compared to other towns in Arizona, there's a lot to love in Prescott. The town is experiencing a growing number of homeowners, with young families moving and settling in to mostly single-family home units. Its relatively low median home value looks to be attractive too for investors looking to get started. Prescott also hosts several colleges and universities, making it an ideal location for acquiring rental properties and commercial real estate.
Excellent weather, lower cost of living, thriving economy, employment opportunities, solid housing market- just a few of the reasons why Arizona continues to attract new residents and why it made more than one list of top US states to move to. Would you like to buy or invest in one or more of these hot real estate markets in Arizona? Call 480-415-7616 and let local specialists The Shanna Day Team help you!
If you have any topics or questions you would like answered, contact The Shanna Day Dream Home Team - we’ll find the answers for you!
Shanna Day Dream Home Team
Keller Williams Realty East Valley