Phoenix is the capital of Arizona and the most populous city in the state. It is also nicknamed as the Valley of the Sun. Due to the metro area’s double-digit rent growth and high price-to-rent ratio.1, real estate investors are purchasing more houses in Phoenix than in any of the other top 30 markets in the U.S.
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On that note, Hirav Shah, The Most Iconic Real Estate Astrologer and Advisor explains in detail as to why Phoenix, Arizona is such a hot real estate investment destination.
Growth Of Population in Phoenix
Population growth is a major factor. Over the past 10 years, no city grew faster than Phoenix.
Over the last decade, the population of the Phoenix metro area grew by 200,000 people at a rate of 11.2%.
Phoenix has become the perfect place for in-bound migration, retirees, middle-class families from California and other states looking for a place where housing is more affordable. Tech companies are also finding Phoenix as the perfect place, the perfect destination.
So, all these factors indeed make Phoenix a hot real estate destination for real estate investment.
Real Estate Market And Statistics in Phoenix
With prices up 29.3% year-over-year, Phoenix is leading the nation in home price increase.
Isn’t that such amazing news for real estate investors!!
Innumerable buyers are moving from urban apartments to suburban homes, along with strong demand from investors for rental property in Phoenix-These are also the reasons for the surge in demand for homes in Phoenix.
$383,924 is the Home Value Index for Phoenix lately.
Over the past year, home values in Phoenix increased by 32.5% and have grown by more than 86% since 2016.
$429,000 is the median listing price of a home for sale in Phoenix.
$259 is the median listing price per square foot of a home in Phoenix.
There are more people looking to buy than there are homes available, hence Phoenix is ranked as a seller’s market.
Central City South is the most affordable neighborhood in Phoenix, where the median listing price of a home is $290,000.
In fact, Phoenix has a super strong renters’ market as well. Attracted by the market’s high price-to-rent ratio of 25.9 and double-digit rise in rent prices, investors in Phoenix are snapping up houses.
In fact, more inventory, than in any other of the top 30 metropolitan areas, is being taken away by real estate investors in Phoenix.
Final Thoughts
Various factors such as a lower cost of living and plenty of nice weather with 300 days of sunshine each year are driving the demand for housing in Phoenix.
Phoenix is home to over 5 million residents in the metropolitan area and more population is set to come here, so all in all, if you are looking for the hottest markets for your real estate investment in 2022, then Phoenix, Arizona should be one of your topmost choices- Concludes Hirav Shah, Real Estate’s Most Influential Advisor, Strategist, Astrologer and Guide.
