Phoenix homeowners rejoiced in 2020 as the industry saw record-breaking sales numbers.
Phoenix saw a 29.6% increase in home values over the past year. Will Phoenix home prices continue to increase in 2023? And, how about beyond 2025?
We have the answers for you! Keep reading to learn more about what’s driving home prices in and around Phoenix.
Phoenix Expects Economic Growth
As the economic growth in Phoenix continues to grow in 2023, we can also expect the home prices in the metro to rise. The combination of strong job growth and low-interest rates will result in high demand for housing and higher prices.
The city’s diverse population is also growing, which is increasing the demand for housing. With the strong economy and population growth, home prices in Phoenix will continue to rise in the next few years.
Phoenix Has An Influx of New Residents
As the baby boomer generation enters retirement age, many are choosing to move to warmer climates. Phoenix, with its dry heat and affordable cost of living, is a top destination for retirees.
This influx of new residents is expected to drive up home prices in the city. In addition, retirees often have the financial resources to pay cash for a home, further driving up Phoenix house prices.
Phoenix Residents Have Access to Amenities
The city has a variety of amenities that appeal to a wide range of people, from those who want to live in an urban environment to those who want to enjoy the outdoors. The city is home to a number of major employers and is also home to a number of major universities.
In 2023, Phoenix home prices are also expected to rise due to the increasing popularity of solar companies in the city. Phoenix is the perfect place to go solar because of its sunny climate and high electricity rates.
Phoenix Is a Continually Growing City without the High Price Tags
In 2023, we can expect an increase in the average home price in Phoenix due to the low cost of living in the area. The cost of living in Phoenix is significantly lower than the national average. This is what draws people to the area.
The cost of living is expected to continue to rise in other parts of the country, but the rates in Phoenix are still relatively low. This makes it an attractive option for people looking to purchase a home.
Keep an Eye on Phoenix Home Prices
If you’re thinking of buying a home in Phoenix, now is the time to start saving. Phoenix home prices are expected to go up in 2023, so you’ll need to have a down payment ready. Keep an eye on the market and start working with a real estate agent to find your dream home.
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