Market Overview
Phoenix is in the Salt River Valley in the south-central part of Arizona. With a flat desert terrain, Phoenix is bordered by beautiful lakes and surrounded by the Phoenix Mountain Preserve. Known for its great climate, Phoenix is warm with low humidity with about 325 days of sunshine each year. This makes Phoenix one of the sunniest cities in the country and attractive to many who seek its climate.
Phoenix, with a population of 1.709 million, is one of the fastest growing metropolitan areas in the country. It is the fifth largest city in the United States. The Phoenix-Casa Grande-Tucson corridor is one of the fastest growing areas in the U.S. and will continue to be in the next decades. The cost of living is high due to the Phoenix real estate market and home prices.
Contributing to its growth, Phoenix has consistently ranked as one of the fastest growing economies of all metro areas in the U.S. Larger than the output of many countries, the value of goods and services produced in the Phoenix metro area reached $187.4 billion in 2008 and have continued to climb.
Other growth factors include a diversified manufacturing base, big employers in financial service companies, growth of technology companies and large distribution centers due to its stable climate. There are also over two-dozen major hospitals including the Mayo Clinic and the Barrow Neurological Institute at St. Joseph’s Hospital. And the Phoenix Biomedical Campus which is on 28 acres in downtown Phoenix. Phoenix Sky Harbor International Airport is one of the nation’s top ten busiest airports serving over 40 million passengers a year.
With its warm climate, massive population, and tremendous job growth, we believe Phoenix is one of the best real estate markets in the country.
Real estate market data in Phoenix
Average Monthly Rent:
$1,041
Percentage Change in Home Price/Value:
4.50%
Median Home Value:
$242,100
Best Time To Sell Home:
November
Affordability Index:
141.2
Days To Sell House:
60.5
Job Market:
Strong
Public School Ranking:
49
