Phoenix’s Surge in housing demands has become a concern to buyers in recent years. Since the year 2020, after the corona pandemic ended, the demand for housing has experienced a tremendous surge due to various factors. According to a national research firm called Core logic, the average rent on a phoenix area, whether home or condo, climbed almost 20 percent in the year 2021, second only to Miami, which rose a staggering 29 percent. Notwithstanding the spike in the rent, the demand for the housing available still met an equally tremendous increase.
THE EVOLUTION OF PHOENIX’S SURGE IN HOUSING DEMANDS
The strong economy, low costs of living, impressive quality of life, and cultural benefits are attracting a new pool of residents to Phoenix. The favorable living conditions in Phoenix have comforted real estate buyers to shift focus to Arizona. Since 2006, there’s been a rapid growth in population now; the market faces a shortage of homes for sale.
Phoenix is fast becoming one of the hottest real estate markets in the US, and even though it went into a slump due to the COVID-19 pandemic, it has not only since recovered from the recession the demand has also surged to reach new heights. The pandemic could only pause sales, which created a tremendous and substantial pent-up request, which made Arizona real estate sizzling hot in the past few years, and even mortgage rates were believed not to affect it. One good thing is that there are low-interest rates that are helping to boost purchasing power, but supply is low, which means the available house listed are rare. If you were a house seller, this would be very good news for you.
According to ZILLOW’S, home value index average typical property values in the phoenix metro grew by over 32.3% from November 2020 to November 2021 compared to the 14% during the previous year and 6.1% of November 2019-November 2020. Phoenix’s surge in housing demands and prices are forecasted to continue to rise at a very brisk pace over the next year; still, the supply stands at an all-time low.
According to Redfin, the Phoenix housing market is very competitive; in November 2021, Phoenix home prices were up 28.1% compared to last year. Also, on average, homes in Phoenix sell after 30 days on the market compared to 32 days last year.
The appreciation has varied according to different surveys all over. Still, according to Neighbourhoodscout.com, the data shows that Phoenix real estate has appreciated by 238.8% in the past ten years, which amounts to an annual real estate appreciation of 12.96%, which puts Phoenix in the top ten percent nationally for real estate appreciation.
Phoenix’s Surge in housing demands affects people in different ways. To get the best out of the market, a reliable real estate agency is needed, and that’s why you need SHRUBBY if you want to sell your house in Arizona. SHRUBBY is also reliable if you’re going to buy a home amidst Phoenix’s surge in housing demands. They offer clients the best house cash offer available, which gives them ease and efficiency.