“What’s the latest news regarding our Metro Phoenix market?” That question has come up a lot lately, so today we’ll take a look at the numbers.
More than anything else, population growth in our area is astronomically high. According to AZCentral.com, Maricopa County’s population grew by 81,000 residents between July 2017 and July 2018. I should note that the metro area includes some parts of Pinal County and Maricopa County, so when you look at the area as a whole, the population boom is even larger.
What does that mean for real estate?
Well, as scores of buyers from higher-priced markets in California, Illinois, and New Jersey migrate to Arizona and bid on our inventory, home prices steadily increase. While this is welcome news for sellers, buyers are left with fewer options as their affordability goes down.
Our market is changing and is wildly competitive, so whether you’re a buyer or seller, it’s all the more important to have a real estate professional by your side, guiding you through the process.
If you have any questions or you’re thinking of buying or selling a home, please give me a call at (480) 626-5034 or send me an email at Kevin.Langan@BTGRealEstate.com. I’d be happy to get you scheduled for a free consultation!