The Phoenix, Arizona, real estate market is booming, and there is no expected decline in this market in the near future. With a current population of close to 1.5 million people, and only about half a million housing units, new home construction in Phoenix is on the rise. The growth in Phoenix is fueled by the mild winters and the low cost of living. Phoenix is the fifth-largest city in the United States, and the eighth fastest growing city.
In West Phoenix, you will find moderately priced homes that were constructed as far back as the 1970s, but as the city continues to grow, the west side of Phoenix continues to spread out as well, with newer homes being constructed continually. In South Phoenix, you will find both low-cost housing and industry, comprised mostly of older adults and urban professionals. Here, upscale apartments coincide with middle class housing.
With everything that Phoenix has to offer, it is no surprise that more than 50,000 people move to the city every year. Of course this has made the Phoenix Arizona real estate market very competitive, and the average cost of a home is about $200,000. Recent residential construction has created over 135,000 new homes and apartment units. If you work with a qualified real estate agent, you will not have any trouble finding the perfect home for you and your family in the Phoenix area.
Because Phoenix is a major metropolitan area, there is something for every member of your family. No matter what your interests or hobbies are, they can be catered to in Phoenix. Furthermore, higher education is a priority in the Phoenix area, and if you have children that will be soon attending college, they will have the opportunity to attend one of several of the top universities in the country – without leaving home! This is another reason why the Phoenix real estate market is booming.
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