Phoenix Housing Market 2019 From the Phoenix Business Journal and Realtor.com
Phoenix Housing Market 2019. Realtor.com forecasts the Valley’s home market will post sales growth of 3.6 percent in 2019. The Phoenix housing market is set to keep up its healthy pace into 2019, according to Realtor.com.
The real-estate website included Phoenix on its list of top markets for homebuyers in 2019. Currently, it ranks No. 5.
Additionally, Realtor.com forecasts the region’s market will post sales growth of 3.6 percent this calendar year. There will be a price growth of 5.6 percent.
The market remains a popular landing spot with retirees. However, Realtor.com notes Phoenix also draws young professionals because of the region’s job growth and quality of life.
Those young professionals are fueling the Valley’s housing market. Interestingly, 31.9 percent of mortgage takers in the Valley are millennials, according to a Fox Business report.
The Valley’s housing market posted a strong 2018. The region as a whole finally seemed to shrug off the residual effects from the Great Recession. Homebuilders fired up previously dormant projects. They are also gobbling up vacant land in hopes of meeting the growing demand for homes.
Nationally, some expect a slowdown in housing this year. But local housing experts say the Phoenix market will remain strong in 2019. Moreover, the area has a healthy economy and population growth.
Arizona ranked No. 4 for population growth from July 2017 to July 2018. This is according to the latest data from the Bureau of Labor Statistics.