Housing Market Sizzles in Valley of the Sun
People have different reasons for wanting to buy a home in a certain city or town, or even as specific as a community or a neighborhood.
Maybe they want to live close to where they work, so they can have a short commute. Maybe they want to live nearby family and friends. Maybe it has to do with schools for their kids or for those without children, maybe the attraction of entertainment and lifestyle plays a part.
Or maybe folks just want to find somewhere affordable.
Whatever the reason, finding the right place to live is important for a would-be homeowner, but it’s also not the easiest task.
Home prices and mortgage rates are expected to rise this year and the available housing supply within a buyer’s parameters may shrink.
But some markets are better than others. Realtor.com recently released their hottest markets list for 2019.
Phoenix ranked No. 5 on the list and was the largest U.S. city to rank in the Top 10. Lakeland, Fla. topped the list.
Economists for the website continuously track home prices, availability and how quickly homes will sell. To make this list, they combine that data with markets that are hotbeds for job growth, are experiencing an influx of new construction and are flush with millennials – the generation making up a majority of buyers in the U.S.
Phoenix has a little bit of something for everybody, which is why it’s the fourth largest city in the country based on population.
Millennials are attracted to the city for it’s thriving job market, where some forecasters are saying its employment growth is double the national average. They are likely drawn to a thriving nightlife as well with an eclectic assortment of bars and restaurants.
But Phoenix appeals to older generations as well, especially retirees, because it is a hub for high-end golf courses – many of which are designed by legendary golfer Jack Nicklaus – as well as a series of luxury spa resorts.
With such a high quality of life, and constant sunshine and warm weather, it’s no wonder Phoenix is a thriving real estate market, but it’s not just for retirees and millennials.
Families also find comfort in Phoenix’s communities and neighborhoods, mostly because of the quality of their schools. Phoenix has 29 schools that received a grade of 8/10 or better at greatschools.org.
Unlike other cities on this Top 10 list, the median price for a home in Phoenix is above the national average by approximately $7,000, but considering all of the other benefits of living in the area, it’s no wonder people are willing to pay a little bit extra to get into a Phoenix home.
Rounding out the Top 10 list of housing markets in 2019 are Grand Rapids, Mich. (No.2), El Paso, Texas (No. 3), Chatanooga, Tenn. (No. 4), Bridgeport, Conn. (No. 6), Las Vegas, Nev. (No. 7), Boise, Idaho (No. 8), Miami, Fla. (No. 9) and Boston, Mass. (No. 10).