Christy Walker , a real estate broker and owner of RE/MAX Signature, shared data from the RE/MAX National Housing Report for June 2024. Compared to last June, prices in Phoenix, Mesa and Scottsdale have risen 3.3%, with the median price sold being $400,000 in June 2023. Additionally, active inventory in the area has increased by 81.2% over the past year.
The city of Phoenix is experiencing exponential economic growth, driven by a diverse economy that includes strong sectors in technology, healthcare and finance.
“It’s one of the fastest-growing cities in the U.S., fueled by attractive job opportunities and a relatively low cost of living,” said Jamison Manwaring , CEO and co-founder of Neighborhood Ventures. “For example, the TSMC plant in North Phoenix has recently added 6,000 high-wage jobs to the community. With continuous growth, the Phoenix real estate market is thriving and there is strong demand for both residential and commercial properties, which is steadily pushing property values higher.”
“Listings in the Phoenix market are finally rising to almost a three-month supply, allowing buyers a long-awaited choice,” agreed Walker. “We typically see a last-minute rush to get homes on the market at the end of summer before school starts and then we see a slight decline in closings as we head into the fall months. July sales volume is predicted to increase year over year and the median price is holding steady based on current pending prices.”
The third-largest city in Arizona, Mesa is experiencing rapid population growth and development, and this makes it a valuable option, according to Manwaring.
“The city’s investments in infrastructure and business-friendly policies are attracting new companies, boosting the local economy,” he said. “Real estate values are increasing year over year, and there’s a strong demand for both single-family homes and rental properties.”
Scottsdale
Known for its high-end real estate, Scottsdale is a hotspot for luxury properties, with a strong local economy supported by tourism, healthcare and the technology sector.
According to Manwaring, its thriving tourism industry and a growing number of businesses relocating to the area create strong demand for high-end real estate, making it a stable and lucrative investment option.
“The city offers several well-known shopping malls, restaurants, and unique experiences, contributing to a vibrant lifestyle,” he said.
Gilbert
“Gilbert is highly rated for its family-friendly atmosphere, excellent schools and safe neighborhoods,” said Manwaring. “The economy is growing rapidly with a focus on technology and healthcare industries. Gilbert will continue seeing high demand for residential properties, leading to steady property value appreciation.”
Which City Should You Choose?
As these real estate experts highlight, there are a number of key considerations when looking for cities to buy property in.
Market trends like property appreciation rates, rental yields and economic indicators are all worth keeping an eye on, as is the local economy of a city. What potential for growth can you see? Job creation and industry diversification both give you an idea of the city’s stability and growth potential.
Consider areas with ongoing or planned infrastructure improvements and development projects — and of course, quality of life should be a deciding factor, with areas boasting local amenities, facilities and strong safety records all important to note.
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