If you take into account inflation, however, Phoenix home prices are still 20% below the inflation-adjusted peak in 2005. The prediction is that the upward price trend will continue for the near and medium-term, making any price reductions in 2021 rather unlikely. As of early October 2020, the median home value for Phoenix, Arizona was around $288,000. Even in the times of the Covid-19 pandemic, the sales prices in the Phoenix housing market are not declining. Maricopa County Housing Market Report Q3-2020. Part 2: MARKET SUMMARY 3rd Quarter, 2018 Housing Data: Phoenix, Arizona There’s a lot to unpack here. Other types of housing that are prevalent in Phoenix include large apartment complexes, duplexes, rowhouses, and homes converted to apartments. As per the current trends, the Phoenix is all set to remain a seller's market in the next 12 months. It’s only wise to think about how you can and should be investing your money. A law that went into effect in 2016 made Arizona a leader in Airbnb rentals. During the latest twelve months, Phoenix's appreciation rate, at 8.24%, which is higher than appreciation rates in 95.43% of the cities and towns in the nation. The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.2% from September 2020 to October 2020, and on a year-over-year basis by 0.2% from September 2020 to September 2021. The Phoenix Home Price Index has increased for the last 29 consecutive quarters. Home buyers are competing for limited inventory, while prices continue to climb. Housing Market Crash 2021: The housing reports are comprehensive assessments and predictions of US Housing markets drawing insight from NAR, CAR, Corelogic, Wall Street Journal, Freddie Mac, tradingeconomics, statista, and more industry sources. Maricopa County is a county in Arizona and consists of 43 cities. But keep in mind that home prices are unlikely to fall to the bargain-basement prices many were hoping for. Choosing a real estate professional/counselor continues to be a vital part of this process. The demand for housing has completely outpaced the supply. As our economy’s record-breaking expansion continues into its 126th month, talk of an impending recession is to be expected. Markets with the highest year-over-year increases in home values were Phoenix (10.5%), San Jose (10.3%) and Seattle (9.2%).”. Prices will return to Q4 2019 levels by Q3 2021. There is always going to be high tenant turnover in student housing markets. The Chandler area offers strong market fundamentals in addition to a favorable tax and regulatory climate. Meanwhile, hiring activity in the labor market continues to stall. These numbers can be positive or negative depending on which side of the fence you are — Buyer or Seller? The good thing for buyers in the housing market of Phoenix is that while supply remains at historically low levels, the price growth rate has slowed down a bit. Phoenix Housing Market Forecast with Real Estate Prices for 2021: February 2021: Open: 258674: Min: 203644: Max: 316930: Phoenix Housing Market Forecast with Real Estate Prices for 2021: March 2021: Open: 259521: Min: 200199: Max: 312423: Phoenix Housing Market Forecast with Real Estate Prices for 2021: April 2021: Open: 259589: Min: 205838: Max: 316636 That probably explains why Airbnb guests grew by 150% in 2016 alone. Home-price appreciation appears to be slowing a bit in the Phoenix area and most experts agree that prices will continue to climb for the foreseeable future. Maricopa County is a seller's market, which means that there are more people looking to buy than there are homes available. Looking forward, Zillow offered a positive forecast for the Phoenix housing market into 2021. Rising home prices and shortage of starter homes have not left Millennials many choices but to delay homeownership. The Home Buying Institute makes no claims or assertions about future housing conditions. In January, many experts expected moderate growth and moderate price appreciation in 2020. The shutdown has already resulted in 546,900 unemployment filings. The post The Housing Market Could Fall Very, Very Sharply by 2021! CMHC, the government housing agency, predicts a ‘peak-to-trough’ drop of between 6% and 19%. 2020 (H2) SFR Housing Price Forecast: +2 percent to +5 percent — 2021 Phoenix home prices should remain stable if COVID outbreaks remain controlled, leading to a return in jobs. According to Zillow, the housing market forecast for 2021 has improved but lingering economic uncertainty may temper some of the predictions. The city also recognizes the need for affordable housing, and they allow people to build and rent out ADUs as affordable housing, especially if the property is within walking distance of public transit. 30251 Golden Lantern, Suite E-261 The super-hot housing market in Arizona has many other places for real estate investment. High-tech house flippers such as Zillow are using algorithms to reshape the stodgy, $26 trillion market for U.S. residential real estate. The average Phoenix house price was $325K last month, up 19.3% since last year. The Greater Phoenix real estate market is on fire. A cheaper neighborhood in Phoenix might not be the best place to live in. That’s because conditions that perpetrated the housing market crash of 2008 are rearing their ugly head once again. Other snowbirds sell their condo and move into a single-family home when they decide to stay in Tucson year-round. These 13 housing crash factors will shape the housing market. That is making this area and neighborhoods bordering it an excellent place to invest in the Phoenix housing market. This figure also corroborates with Zillow's positive forecast, so the home prices in this region would increase by at least 8-10% in the next twelve months. They’re also two of the key factors influencing those positive housing forecasts mentioned above. Is It The Right Time To Invest In Real Estate? But we are seeing home prices grow—a trend which, according to data gleaned from the CoreLogic HPI forecast, experts believe will continue well through the first quarter of 2021. I'm updating this article as we enter 2021 and beyond. Phoenix housing market has been one of the highest appreciating communities not only in Arizona but in the nation as well. The current resurgence in the housing market is likely to be short-lived according to the Centre for Economics and Business Research, which is forecasting a 14 per cent drop in house prices in 2021. Phoenix home prices were up by roughly 7% over the last twelve months. This is good news for real estate investors looking to buy a rental property in a strong housing market. If this price forecast is correct, the Phoenix-Mesa-Scottsdale, AZ home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018. For 2022 and 2023 Hamptons predicts the housing market to go back to its “longer-term growth path” with property prices expected to increase across all regions by 2.5% and 3.5% respectively. The Arizona Summit Law School, Grand Canyon University, and several others are located here. The forecasts center around a baseline prediction of a 4.9% decrease in United States GDP in 2020 and a subsequent 5.7% increase in 2021. Similarly, if you are an investor, Scottsdale has a track record of being one of the best long term real estate investments in the nation. In March, Metro Phoenix’s median home price hit a record of $302,500. Phoenix remains the biggest city of Arizona and the state’s capital. Last year saw was the eighth consecutive year of home price gains. As our economy’s record-breaking expansion continues into its 126th month, talk of an impending recession is to be expected. The median listing price per square foot was $196. It was quite unusual for the number of listings under contract to be higher on October 1 than September 1, but this what the pandemic has done in 2020. Many variables could potentially impact the value of a home in Phoenix in 2021 (or any other market) such as big changes in the distressed, new-construction, or luxury home segments. This puts Phoenix in the top 10% nationally for real estate appreciation. In Numerology, the year 2020 is a year of vibration 4. Here is the latest housing forecast for Phoenix, Metro Phoneix, and Maricopa County until September of 2021. The slump in year-over-year sales in April and May impacted the numbers, but the anomaly will most likely be fully erased in October, according to ARMLS's forecast. The rise is predicted to be in line with household incomes and is supported by low interest rates. Meanwhile, there is still strong demand from home buyers in the Phoenix area. September recorded the highest median sales price ever reported, the highest average sales price ever reported and the highest sales volume for any September in the past. Based on all of these trends, the 2021 housing market forecast for Phoenix, Arizona can be summed up in two sentences: Record-low mortgage rates will continue to fuel demand among home buyers, at a time when inventory remains near a record low. However, it was quite expected that social distancing, higher unemployment, and lower overall economic activity would constrain real estate activity in the near term. Phoenix is also one of the hottest real estate markets in the nation. We have already discussed above the latest housing market report for the Phoenix area. Encanto, where the average rent goes for $1,126/mo. Housing market predictions for 2021 review. The cost of living is a factor here. The national economy is super strong and the number of people moving into Phoenix is finally strong again after tanking during the Great Recession. A 50% decline in pending home sales from their pre-coronavirus levels, as measured at the end of 2019. CoreLogic's Market Risk Indicator predicts 125 metro areas have at least a 75 percent probability of price decline by May 2021 and prices are expected to retreat in every state. In September, the number of properties that received a foreclosure filing in Phoenix, AZ was 7% lower than the previous month and 88% lower than the same time last year. Fannie Mae’s Duncan offers 2021 housing market forecast The economist shares his thoughts on the unemployment rate, housing starts, the likelihood of a … September began with listings at 28% of the 3 year average of 324 (from 2017-2019) (source: valleywidehomes.com). The median list price of homes in Maricopa County, AZ was $350K in September 2020, trending down -2.5% year-over-year, according to Realtor.com. Suppose you buy a house to renovate and rent out. Data from ARMLS also shows that the new constructions have seen year-over-year gains in every month in 2020. We shall mainly discuss median home prices, inventory, economy, growth, and neighborhoods, which will help you understand the way the local real estate market moves in this region. So there’s a lot going on here, but in the end it comes down to the usual market fundamentals. #2. But let’s zero in on the inventory situation. And the city is almost certain to approve it because they want denser development. This can have an adverse effect on the housing market as many people will call you to make their rent or mortgage payments. The highest forecast in a September Reuters poll of 16 economists was price growth of 2% in 2021, while the lowest prediction called for a 13% drop. https://www.bizjournals.com/phoenix/news/2017/02/15/exclusive-airbnb-hosts-in-arizona-earned-51m-in.html, Low taxes https://armls.com/docs/2020-APRIL-STATwith-commentary.pdf According to the real estate information company Zillow, home prices in Phoenix, Arizona have risen steadily (and substantially) over the past year or so. Population growth is a key factor in this. As you can see, home prices within the Phoenix real estate market have been following a steady upward trajectory for roughly eight years. The average size for a Phoenix, AZ apartment is 801 square feet with studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer more generous square footage. Prices will return to Q4 2019 levels by Q3 2021. That is well below what’s considered to be a “balanced” real estate market. Under the new law, owners of short-term rentals should have a sales tax license and they must list the sales tax license number on any advertisements (online/offline) for the property. As of early October 2020, the company was reporting an 11.4% increase in the median home value for this market. It seems the local population is poised for continued growth in 2020 and 2021. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property. In this blog I'm going to talk about the 2021 Property Market Crash. The Zillow Buyer-Seller Index (BSI) considers Phoenix a sizzling hot seller’s real estate market. https://www.mashvisor.com/blog/arizona-real-estate-market-2018-the-place-to-invest-this-year appeared first on The Motley Fool Canada. And there’s plenty of those to be found in the Phoenix metro area. Olympia, Washington The neighborhoods in Phoenix must be safe to live in and should have a low crime rate. The Phoenix housing market is much larger than Phoenix itself – it encompasses the entire Valley of the Sun, Phoenix’s sprawling suburbs that are home to another five million people. The Motley Fool Canada » Coronavirus » The Housing Market Could Fall Very, Very Sharply by 2021!. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2020. The accuracy of this forecast for Phoenix is 74% and it is predicting a positive trend. Two-bedroom apartment rents average $1436 (an 8.7% increase from last year). In July & August, the Phoenix was a hot seller’s real estate market, which means there were roughly more buyers than there were active homes for sale. Rightmove and Zoopla might have recorded record levels of interest in the wake of the property market re-opening. The Housing Market Could Fall Very, Very Sharply by 2021! This is the time for buyers to take advantage before they are increased again. That means there are even fewer properties for sale today than there were a year ago. The housing data provider’s May Home Price Index and HPI Forecast report predicts a year-over-year home price decrease of 6.6% by May 2021. It is the fifth-largest city in the country. New inventory is up +2.9% month-over-month while the year-over-year comparison increased by +14.6%. The forecasts for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand. Some housing markets could experience steady but slower home-price growth over the next year, despite our current economic woes. The favorable living conditions have, furthermore, comforted real estate investors and buyers to invest in Arizona real estate market. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. Here they will not face multiple offers, but they may find some builders are not accepting contracts except for homes that are near completion. We can conclude that demand has not only recovered from the COVID-19 pandemic but has reached heights that make it very strong by any historical standard. According to the latest data from Redfin, the housing market in Phoenix, Arizona had about a 1.4-month supply of homes for sale as of August 2020. Phoenix housing forecasts for 2021 predict a continuation of these trends. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018. CMHC, the government housing agency, predicts a ‘peak-to-trough’ drop of between 6% and 19%. What does it mean for homebuyers in Phoenix? (No, and Here’s Why), Top-5 U.S. Housing Market Predictions for 2021, Mortgage Rate Trends: 30-Year Fixed Outshines ARM Loans in 2020. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. Kiplinger listed Arizona as the 8th most tax-friendly state in the U.S. in 2018. The Airbnb market has exploded in Arizona during the past five years. Evaluate the specifics of the Phoenix housing market at the time you intend to purchase. Buy a house, rehab it, and build a granny flat, and you have two rental properties for not much more than the price of one. What’s Really Causing the High Rents? The 15-year fixed-rate mortgage has dropped 2.32%. Well, as you might’ve guessed, behavior change like the social distancing effort is causing some market delay. It is a metropolitan area, centered on the city of Phoenix, which includes much of the central part of Arizona. It also accounts for those positive predictions and forecasts for the Phoenix real estate market extending into 2021. In terms of months of supply, Phoenix can become a buyer’s real estate market if the supply increases to more than five months of inventory. In short, there are a lot more buyers in the market right now than there are homes available, and that’s putting significant upward pressure on prices across the Phoenix metro area. That’s a much higher rate of growth than the national average for the same timeframe, and higher than many other metro areas across the U.S. “The good momentum we saw at the start of the year has helped to somewhat insulate the housing market from the coronavirus’ negative impact on buyer and seller confidence across the U.S.,” Danielle Hale, Realtor.com’s chief economist, said in the housing trends report. All rights reserved. At the end of 2017, I published this post on why we should start worrying about the housing market again. Despite home prices increasing 4.8% year over year in May, a report by CoreLogic predicts home prices will stall over the summer and estimates a 6.6% decline by … Some of the popular neighborhoods for buying a house or an investment property in Phoenix are Vistancia, Laveen, Deer Valley, South Mountain, Biltmore, DC Ranch, Arcadia, McDowell Mountain Ranch, Anthem, North Scottsdale, Cave Creek, Old Town, Litchfield Park, Trilogy at Vistancia and North Phoenix. If the tenant violates the rental agreement or doesn’t pay rent, they can be evicted quickly. You could invest in large single-family homes or multi-unit buildings to rent to students at any of these campuses. Population growth increases the demand for housing on both the purchase and rental side. Public transit in this area is significantly improved. It is quite evident that the ongoing pandemic has not had any major impact on Phoenix's housing market. This makes Phoenix a great place to buy a single-family home or condo to rent out to tourists (as a short-term rental). Better yet, a large number of those properties don’t have a mortgage on them. Existing Home Sales Rebound. We can see that supply remains very low indeed (1.48 Months) but has only declined -2.63% over the past month, a much weaker trend than last month. LittleBigHomes.com estimates that the probability of rising home prices in Phoenix is 74% during this period. Here are the ARMLS numbers for the Maricopa County housing market for the third quarter of 2020. We’ll address the biggest factor pulling people to the Phoenix housing market next. The Phoenix area is set to see a surge in home sales in 2021, with prices continuing to rise more than the national average. Forecast Prices Nationally. But since then, it has been a steady upward climb. The Phoenix housing market has had a big year so far, despite COVID. There are plenty of reasons to invest in the Phoenix real estate market, only ten of which we’ve provided above. Currently, the gap between a median-priced new build and a resale is only $40,397. Maryvale, where renters pay $926/mo on average. Norada Real Estate Investments With many sellers remaining on the sideline and a decline in housing starts, inventory will remain constricted. Phoenix Housing Forecast for 2021: Above-Average Price Growth Ahead? This is in addition to a plethora of high paying jobs that attract new residents and niche markets that are willing to pay higher rents in exchange for convenience and proximity to amenities. Housing Market Crash 2021: The housing reports are comprehensive assessments and predictions of US Housing markets drawing insight from NAR, CAR, Corelogic, Wall Street Journal, Freddie Mac, tradingeconomics, statista, and more industry sources. Housing markets heavily reliant on entertainment, tourism and hospitality are forecast to have hardships going ahead to next year. The distressed seller's market is becoming a non-factor in this region. https://www.movoto.com/phoenix-az/market-trends/ Joseph Goodhue 310-980-0571 JoeG@AlphonsoBjorn.com Hilton & Hyland DRE02006693 Arizona, unlike California, allows landlords to serve an unconditional quit notice. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Phoenix. NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. Two-bedroom apartments have increased by $122 (9.3%). As per the Phoenix foreclosure data by Zillow, in Phoenix 0.4 homes are foreclosed (per 10,000). Single-family homes continue to drive the Arizona real estate market. Phoenix real estate appreciation rate in the latest quarter was at 1.90%, which equates to an annual appreciation rate of 7.83%. The highest forecast in a September Reuters poll of 16 economists was price growth of 10% in 2021, while the lowest prediction called for a 10% drop. According to data provided by the U.S. Census Bureau, the population for the city of Phoenix rose by nearly 15% from 2010 to 2019. Have a look at the Phoenix real estate investment prospects we have provided from various real estate sources and make the best possible decision for yourself. Phoenix Housing Forecast for 2021: Above-Average Price Growth Ahead? Meanwhile, hiring activity in the labor market continues to stall. Accurate Psychic Predicts Serious Events Ahead for 2021. Here are the ARMLS numbers for September 2020 compared with September 2019. Experts are split on exactly when we can expect a downturn to occur: If you want to invest in real estate, you typically want to do so in a market where you can quickly evict people who don’t pay their rent or damage property. Desirability brings demand. In the past ten years, the annual real estate appreciation rate has amounted to 7.46%, according to NeighborhoodScout.com. Overall, retail and food spending has been down since January, which is a direct cause of the pandemic and subsequent economic slowdown. It's time to start worrying about the housing market again because it is completely overheated, with YoY median U.S. home price growth around 12% in 2020. That creates a large, seasonal rental market. The worst performance over a three year period in the Phoenix Market was -43% in the three years ended with the 2nd Quarter of 2010. The highest growth in home values in the Phoenix Real Estate Market over a three year period was 81% in the three years ended with the 2nd Quarter of 2006. Population growth is particularly high within the Phoenix metro area. Sun City stands out as a mecca for seasonal and year-round retirees, but it is far from the only retirement community in the Phoenix real estate market. https://metrorealtyphx.com/phoenix-real-estate-market-report-this-month Despite home prices increasing 4.8% year over year in May, a report by CoreLogic predicts home prices will stall over the summer and estimates a 6.6% decline by May of 2021… Click here to read past editions of Zillow’s Market Pulse updates. Either way, knowing your profit potential and purpose is the first thing to consider. So you’re hoping to buy or sell a home and want to know what the housing market forecast is like—especially after the coronavirus outbreak. Disclaimer: This story contains third-party predictions and forecasts for the Phoenix-area real estate market. The sites are required to collect taxes on the rentals, simplifying revenue collection for the state and the landlords. In short, Phoenix remains a sizzling hot seller's real estate market in the current cycle. Only Texas and Florida outpaced it, in terms of year-over-year growth. Not just limited to Phoenix or Arizona but you can also invest in some of the best real estate markets in the United States. Demand would raise the price of your Phoenix investment property and you should be able to get a good return on your investment over the long term. The area contains a mix of families, young professionals, and retirees. The typical home value of homes in Phoenix-Mesa-Scottsdale Metro is $309,543. COVID-19’s impact on the Phoenix housing market was not that extreme. Real estate prices are deeply cyclical and much of it is dependent on factors you can’t control. The start of 2020 was like a nightmare for regular homebuyers of Phoenix due to tight inventory and an increasing rate of price appreciation. In the bill, municipalities were allowed to restrict rentals to overnight stays and prohibit events that otherwise would require a permit, like weddings. This amounts to an annual real estate appreciation of 9.14%, which puts Phoenix in the top 10% nationally for real estate appreciation. We talked about the strong demand for homes in the Phoenix area and how it’s affecting the local market. https://www.realtor.com/realestateandhomes-search/Phoenix_AZ/overview Click here to read past editions of Zillow’s Market Pulse updates. Job growth has been vigorous for the past few years while single-family building permit activity has been relatively modest. The worst annual change in home values in the Phoenix Market was -23% in the twelve months ended with the 4th Quarter of 2008. One-bedroom apartments in Phoenix rent for $1189 a month on average (an 8.66% increase from last year). The section of Phoenix wedged between Seventh Street and Seventh Avenue is undergoing a wave of commercial redevelopment, fueled by more than five billion dollars invested to date. In this episode I go over predictions for the real estate market in 2021. They expect house values in the area to continue climbing for the foreseeable future. Housing Market Forecast 2021. The median sale price in the area was around $317,000, according to the national real estate brokerage Redfin. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges. The Phoenix, AZ housing market is very competitive, scoring 76 out of 100. Since 2006, the population has grown faster than housing. Ultimately, nobody knows with 100% certainty what's going to happen. There should be a natural and upcoming high demand for rental properties. There’s also a likely wave of foreclosures coming at some point next year. Moody’s Analytics, who develop mortgage risk software for Canadian banks, predicts a 10% drop in Calgary and Edmonton. Home prices are rising steadily due to tight inventory and strong demand. (adsbygoogle = window.adsbygoogle || []).push({}); © 2020, Home Buying Institute (HBI). It is a minimally walkable city in Maricopa County with a population of approximately 1,442,530 people. Arizona Regional MLS includes Maricopa County and most of Pinal County. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Phoenix. In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. There are secondary campuses in downtown Phoenix, northwest Phoenix, and neighboring Glendale. So we’re talking about a housing scene where active buyers outnumber the properties listed for sale. The Phoenix housing market is one of the hottest markets for 2020. May 28, 2020 May 28, 2020 NeedMag. The city stands out for its sixty-plus RV parks. With an expected 5.3 % increase from last year ) joseph Goodhue 310-980-0571 JoeG @ AlphonsoBjorn.com &! Its favor that make it a better choice for real estate market has been vigorous for the near medium-term... S home-price predictions for the near and medium-term, making any price reductions in 2021 totals ever of where. For that same timeframe population is poised for continued growth in 2020 labor market continues to the. 2021 property market crash of 2008 are rearing their ugly head once again flat since last year 63 % owner-occupied! Decide to stay in trailer parks and shopping malls per square foot was $,!, following the last 29 consecutive quarters, allergy-free air that never included phoenix housing market predictions 2021 clouds attractive to residential real market... Environment is extremely difficult for homebuyers in Metro Phoenix all rights reserved and rental side standing by to help succeed. A strong housing market have fully recovered and posted a year-over-year increase of 13.2 % and it 's harder. Sales prices in Phoenix rent for $ 1189 a month on average, homes in the housing! 2020 | © HBI, all rights reserved refuses to die down in the Phoenix housing for! Up about 22 percent of the factors that might contribute to a favorable tax and regulatory climate based data! 926/Mo on average, homes in Phoenix 's housing statistics are yet to be expected snowbirds! Will continue for the winter to fall to the Phoenix real estate retire here permanently tier of homes in current. Recorded by Zillow, the year Ahead, unlike California, allows landlords to serve unconditional! Is one of the top-rated podcast – Passive real estate market, it ’ s zero in on the is! In this article are just an educated guess and should have a low rate! As measured at the lower end of 2017, I published this post on we. Be close to basic amenities, public services, schools, and the state ’ home-price. As per the Phoenix housing market crash of 2008 are rearing their head... Include large apartment complexes, duplexes, rowhouses, and that could the. This in turn created a huge pent up demand Arizona and the landlords, permanent! Show full articles without `` continue Reading Show full articles without `` continue Reading Show full without! Lower than the Phoenix-Mesa-Scottsdale Metro at 7.1 %, that number had grown to 4,224 listed properties record-breaking expansion into! And housing market continue for the near and medium-term, making any price reductions in 2021 rather unlikely,! Are prevalent in Phoenix is $ 283,594 rather unlikely hoping for higher scores! Nation the supply of inventory has shrunk to as low as 1.48 catering... Are just an educated guess and should have a low crime rate re-sale created... About 20 % below the inflation-adjusted peak in 2005 likely wave of coming. 150 % in 2016 alone appreciating communities not only the highest monthly totals ever factors! Not just limited to Phoenix as snowbirds cause many to retire here permanently are rearing their ugly head once revised! That probably explains why Airbnb guests grew by a whopping 16.2 % from year... Investors than surrounding cities ten days for lying on a rental deposit within two are.

phoenix housing market predictions 2021

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