The Housing Market in Phoenix – Looking Up
With the year’s end, the housing market is shifting, getting ready for the new year. How is the housing market in Phoenix looking? According to an article written by Ken Perlman at John Burns Real Estate Consulting, it’s looking positive.
In fact, many different trends and studies are predicting a lot of growth for the Phoenix area in 2016. Although most of the Phoenix population is made up of a younger demographic, a majority of the home buyers are predicted to be of the older generation. Perlman said that 62% of new home buyers in Phoenix are over the age of 46.
Because of our iconic weather, affordable housing, and continued job growth, many people, particularly baby boomers will continue to make their way to Phoenix. This will increase the number of retirees in our state. Phoenix’s low costs of living and reputation for great retirement communities will only make it more appealing to this demographic.
The development of suburban communities is also continuing to grow in the Valley. A large majority of household growth in will take place in these areas. People are wanting a shorter commute and more access to entertainment and restaurants. Current and developing suburban communities will be able to meet this demand, encouraging more and more people to move here.
A lot is looking up for Phoenix, especially the housing market. There are a lot of reasons to be hopeful for the coming year.