The Phoenix housing market is much larger than Phoenix proper – it contains the entire Valley of the Sun, Phoenix’s sprawling suburbs that are home to another five million people. That makes the Phoenix metro area the twelfth largest in the country.
The greater Phoenix area real estate market is one of the hottest in the U.S. During 2022, the market has been strong. This market includes most of central Arizona. After COVID-19, our real estate market not only recovered but the demand has approached record levels. Repeat sales was up 31.3% which is above the national average increase of 20.4%.
Phoenix ranks third in the nation - but the housing shortage is dire in our Area. Last year, Phoenix led the way with a 32.5% year-over-year price increase, according to the S&P CoreLogic Case-Shiller Indices released in February. Phoenix-area home prices are forecasted to continue to rise at a rapid pace over the next twelve months. The supply of active listings is at an all-time low. It would take about a month for the current inventory of homes on the Phoenix housing market to sell given the current sales pace.
A panel of Zillow's economists and real estate experts expect that Phoenix will be among the nation's top 10 hottest markets in 2022, where home values increasing at a faster rate than the rest of the nation.
If you are looking to buy or sell your home, it is never too early to get a professional inspection. Contact Scottsdale Desert Inspections today - or call (480) 345-9200.
Phoenix Area Real Estate Market Update
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