From the eastern deserts to the western mountains, Arizona has long been a favored destination for travelers and vacationers alike. But it’s not just the stunning beauty of this southwestern state that attracts people—Arizona is also home to some of the most up-and-coming real estate markets in the country. So what should we expect from Arizona real estate in 2023? In this blog post by Justin Billingsley, we’ll take a look at recent trends and projections for where Arizona real estate is headed over the next few years. We’ll analyze which areas are projected to be strong markets and which could face potential headwinds in terms of growth or value appreciation. Finally, we’ll also offer an informed outlook as to how these changes will affect both buyers and sellers around The Grand Canyon State.
Experts are predicting that Arizona will see a significant increase in population over the next few years. This influx of people is expected to drive demand for housing, pushing prices upwards. According to Zillow’s Home Value Index, home values across Arizona increased by more than 11% from 2020-2021 and are projected to increase another 8% by 2023. In addition, experts predict that median rent prices will also rise in the coming years due to increasing demand from new residents.
Phoenix remains one of the hottest markets in Arizona for real estate investors. The city has seen tremendous growth over the past decade and continues to attract new residents every year due to its business opportunities and temperate climate. Additionally, Tuscon is becoming increasingly popular as well due to its affordability compared to other areas of Arizona such as Phoenix and Scottsdale. Experts predict that both cities will continue to see strong growth in their real estate markets over the next few years.
Although experts are predicting an increase in home values over the next few years, they are also warning about potential affordability issues if these increases become too steep. As home values continue to rise, many current homeowners may find themselves unable to afford their mortgage payments or find themselves priced out of purchasing a home altogether. To combat this issue, lawmakers should consider implementing policies that promote housing affordability such as creating incentives for developers and providing first-time buyers with assistance programs like down payment assistance funds or tax credits.
It’s safe to say that the Arizona real estate market will be an exciting one to watch in 2023. With strong population growth, increasing home values, and a handful of hot markets, investors should find plenty of opportunities for success. However, lawmakers must be sure to create policies that promote housing affordability or risk
Arizona’s real estate market is predicted to experience strong growth over the next few years due mainly to an influx of new residents looking for housing opportunities in this sunny state. While there are many positives associated with this growth such as increased property values and rental rates, there could be some drawbacks as well if these increases become too steep—namely unaffordable housing prices for current owners or buyers entering into the market late. Therefore it is important that policymakers take steps now towards promoting affordable housing options so that everyone can benefit from Arizona’s booming real estate market without being priced out entirely.
When it comes to real estate, Justin Billingsley Arizona recommends keeping an eye on the Arizona market in 2023. With strong population growth, increasing home values, and a handful of hot markets, investors should find plenty of opportunities for success. However, remember to take affordability into consideration as well, or else rising prices could put a damper on the market’s growth.
Do you need assistance buying or selling an Arizona home? Justin Billingley’s team of experts can answer all of your questions about the Arizona real estate market and provide you with the guidance you need to make informed decisions. Contact them today to get started on buying or selling property in Arizona!