Arizona is a beautiful place to live with many hot spots, but where are the trendy Arizona real estate markets? First, let’s back up and see what got us here. The last couple of years has been a roller coaster. Between a worldwide pandemic and a turbulent presidential election, the economy has been shaken. And even in the face of those events, research shows Arizona’s real estate market will have an over 8% growth in house prices between January 1st and September 30th of 2021, making it one of the trendiest real estate markets in the US. This makes sense given that AZ has experienced exponential appreciation in property value since the beginning of 2000.
This growth is activated by a combination of low inventory and low mortgage rates. The mortgage rates lure the buyers while the limited supply creates competition, invariably driving up prices.
Let’s take a look at the trendy AZ real estate markets…
Leading the pack in Arizona is naturally its most populated city: Phoenix. It’s also one of the largest and hottest housing markets in the country. Between the booming economy, lifestyle, events and activities, and the vacation-like climate, it’s no wonder this metro is such a draw.
Families are flocking to Tucson, likely because the cost of living is roughly 6% lower than the national average. Also a draw are the excellent public school systems and the gorgeous landscape. In addition to the residential side on the rise, commercial real estate is idyllic in the flourishing downtown business and retail areas.
Tempe is becoming the go-to market for long-term property investment, given the proximity to 21 college towns, including Arizona State University. Buyers can bring on a serious ROI by renting their properties to the myriad of students. The great nightlife and increasing commercial real estate opportunities are other draws to the Tempe metro area.
Bolstered by its high employment rate, good schools, and thriving tourism industry, Scottsdale’s housing market has been steadily growing for decades. These reasons are bringing families and young professionals to the area to scoop up condos, townhomes, and single-family residences, despite the high property prices that will make for a larger initial investment.
Though Prescott is a smaller town in comparison to the others on the list, where it stands apart is that residents that own outnumbers those that rent. Single-family dwellings exceed multi-family complexes, as many young and growing families are laying down their roots. Because of its size, it’s a good area to dip a toe in the investing game, especially given its relatively low median home value.
Whether it’s the lower cost of living, the job or economic opportunity, the wonderful schools, or the, well, weather, Arizona continues to be a hot real estate locale. And for those who have been swayed to move to the Copper State, the above five spots top the trendy Arizona real estate markets.