Phoenix Residential Listing Market: Pace Is Heated
Phoenix’s residential market is growing by leaps and bounds as interest rates
dropped to unheard of lows over the last few years and affordable prices made
home ownership possible for so many families. Unfortunately that trend has seen
its apex and the opportunity has now left the average worker as prices have
skyrocketed. The average cost of a home in the Phoenix area rose about
twenty-five percent in 2004 while the typical household income only increased
by two percent. This price increase has made new home purchases almost
impossible for many people who work in the city. These workers are looking to
the outskirts of the valley for housing and facing longer commutes in the
process.
Phoenix Home Ownership Options
For those city workers who find the high prices of home ownership a deterrent
to buying the apartment or condo market might be an alternative. In the past
few years these markets have suffered as families moved into homes but this is
expected to change, as apartments are attractively affordable. For those not
interested in apartments the condo market is on the rise. In the last year
nearly 4,500 apartments were turned into condominiums. This trend is not going
anywhere and you can expect to see more and more multi-housing complexes
cropping up and thriving. As land is getting more expensive, landlords are
looking for options and some have turned to converting existing buildings and
older offices into residential space.
Where is the Phoenix Housing?
Downtown Phoenix is going to see business growth as the bioscience business
expands, the light rail system is developed and the new Arizona State
University campus hits the scene. This will push the residential market into
Midtown Phoenix, which is poised on the brink of another spurt in growth.
Moving further outward are the northeast Valley and Scottsdale Airpark which
are drawing business crowds and pulling people into the area. More and more
people will be looking to the outskirts for housing. Expect to see the West
Valley and Deer Valley grow to meet this demand.
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