Go WEST YOUNG MAN! It is an old statement. However, many people are still taking the advice and moving west for a new life and new adventures. Folks are buying homes and moving to the Sun Belt states and will continue to HEAT UP during 2025 in real estate. Arizona is one of the HOTSPOTS this year. Folks seem to be tired of the cold winters and constant talk of global warming. How do we know this? They are moving from colder states to the warmer states and not the other way around.
Go WEST Young Man! Young Man looking WEST by Vicki Hamilton, Pixabay
The National Association of Realtors called for metro Phoenix to be one of the top 10 housing markets in the U.S. in 2025, based on economic and demographic data.
Per Snejan Farberov in Realtor.com January 6, 2025, "The Sun Belt continues to heat up while economists anticipate a modest improvement in the housing inventory on the national level amid gradually decreasing mortgage rates and an easing of the lock-in effect, two U.S. regions continue to outperform the rest of the country."
Some are moving by vehicle and other by horse (Photo: Pixabay)
The top 10 markets for 2025 are exclusively in the South and West, with Texas, Florida, and Virginia topping the list for projected home prices and home sales. Other states boasting a healthy home inventory include Colorado, Arizona, Georgia, and North Carolina.
A closer look at the data shows that of all the largest metro areas, Colorado Springs, CO, is leading in existing-home sales count, with a 27.1% increase year over year, followed by Miami (+24%) and Virginia Beach, VA (+23.4%).
“The markets we’re forecasting to lead the country in home sales in 2025 are markets that have better recovered to their pre-COVID-19 levels of home sales, and we expect them to hold that momentum in the year ahead,” according to the Reator.com Top Housing Markets for 2025 report."
What about Phoenix Arizona Metro In 2025 and Beyond?
Phoenix Metro will be a "Hotspot" for Real Estate in 2025 (Photo, Pixabay)
"Metro Phoenix Housing Isn’t Headed for a Bust" per Catherine Reagor in the Arizona Republic on December 26, 2024 and follows:
"Buyers looking for deals on houses will be disappointed to know metro Phoenix’s housing market isn’t heading for another bust.
Home sales and prices have been down a bit or flat for the past few months, but that’s typical for the holidays, say housing analysts.
The Valley’s strong population, job and income growth are driving its economy and making economists and market watchers optimistic about its housing market.
Why Phoenix metro isn’t heading for a bust?
Metro Phoenix ranked No. 3 for population growth in 2023, adding more than 92,000 people. For 2024, it’s on track to add almost 80,000 new residents, according to the U.S. Census Bureau.
Due to corporate expansions, including Taiwanese Semiconductor’s move to the Phoenix area, 55,000 jobs were created during the 12 months that ended in October 2024. That is on the heels of 70,000 new jobs in 2023, according to the Arizona Office of Economic Opportunity.
The Valley’s median household income climbed to $88,900 in 2024, reports the Census Bureau. That’s up from $60,000 in 2017.
What should I do in 2025?
What does this all mean. Don't wait to buy a home, prices will only go up in 2025. Even if mortgage rates are not what you want them to be (currently about 7%) one can always refinance the rate later on. Mortgage rates are much closer to all-time lows than they are to all-time highs. Renting only leads to future rent increases and no building of equity through pay down on mortgage and future appreciation on the home. Buy your home and start building wealth now.
If you want to sell or buy your home in Arizona, I can help you as YOUR REALTOR®.
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