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phoenix housing market predictions 2021

Some own second homes in Arizona communities restricted to active adults, while others stay in trailer parks. Arizona has long attracted retirees who couldn’t afford Florida or wanted a cleaner, allergy-free air that never included storm clouds. Phoenix Housing Market and Real Estate Price Forecast, Short-Term Property Price Prognosis for Next Months and Year Short-term real estate market and home value forecast … (Note the all-important decimal in that figure.) Phoenix housing market 2020 started so strong that only something as drastic as the ongoing pandemic could have impeded the real estate sector. Housing markets heavily reliant on entertainment, tourism and hospitality are forecast to have hardships going ahead to next year. The median home’s value has crossed $300,000 but that’s still cheaper than a starter home in coastal California. A slight increase is forecasted in October for both average sales prices and median sales prices, according to the latest data released by ARMLS on October 20, 2020. According to the real estate information company Zillow, home prices in Phoenix, Arizona have risen steadily (and substantially) over the past year or so. This in turn will put upward pressure on home prices through the end of this year and into 2021. Estrella Village, where the average rent goes for $879/month. https://www.movoto.com/phoenix-az/market-trends/ Similar growth has been recorded by NeighborhoodScout.com as their data also shows that in the past ten years, Phoenix real estate appreciated by 139.72%. While California and Florida are seen as hot real estate markets, one of the major attractions of the Phoenix real estate market is the affordable real estate. It is home to about a quarter-million people. It is a minimally walkable city in Maricopa County with a population of approximately 1,442,530 people. Specifically, these are metropolitan-area real estate markets that have the best potential for home-price appreciation over the next year. The median sales price in Maricopa County for Q1-2020 was $309,990, up by + 12.7% from last year. Experts are split on exactly when we can expect a downturn to occur: Many real estate investors have asked themselves if buying a property in Phoenix is a good investment? Demographic factors reflect the impact of slow population growth (driven by reduced natural increase and international migration) and slow household formation on demand for housing. They expect house values in the area to continue climbing for the foreseeable future. The Phoenix Home Price Index has increased for the last 29 consecutive quarters. Arizona, unlike California, allows landlords to serve an unconditional quit notice. You could invest in large single-family homes or multi-unit buildings to rent to students at any of these campuses. The housing market around the coveted warm-weather Arizona metropolitan areas of Phoenix, Mesa and Glendale is predicted to see a 5.3% increase in home prices heading into 2021. This makes Phoenix a great place to buy a single-family home or condo to rent out to tourists (as a short-term rental). And the city is almost certain to approve it because they want denser development. Months supply of inventory has shrunk to as low as 1.48. This is a radical shift from the suburban sprawl the area has long been known for. That’s because conditions that perpetrated the housing market crash of 2008 are rearing their ugly head once again. In March and April, there was a year-over-year increase of 13.2% and 11.1% respectively in the reported median prices. Many variables could potentially impact the value of a home in Phoenix in 2021 (or any other market) such as big changes in the distressed, new-construction, or luxury home segments. The Covid 19 shutdowns have impacted the rental housing market, yet prices have risen and look to rise further in the face of ongoing rental housing shortages, and a housing market that may cool. For sellers, this is the best time to sell for a profit as housing inventory is reported to be at an 8-year low. The Phoenix housing market has had a big year so far, despite COVID. We earn a commission for products purchased through some links in this article. In the latest quarter, the appreciation rate has been 2.42%, which annualizes to a rate of 10.02%. One-bedroom units have increased by $101 (9.3%). The reason is that sellers have shown great faith by putting up listings after a slump due to COVID-19. The year 2020 started with an extreme shortage of houses for sale, and an increasing number of sales over the asking price of property owners. September began with listings at 28% of the 3 year average of 324 (from 2017-2019) (source: valleywidehomes.com). As per the current trends, the Phoenix is all set to remain a seller's market in the next 12 months. That’s well above the nation’s growth rate for that same timeframe. It's still a seller's real estate market in Phoenix, but there are fewer bidding wars on the most affordable homes (less than $500,000) on the market. So you’re hoping to buy or sell a home and want to know what the housing market forecast is like—especially after the coronavirus outbreak. Population growth is a key factor in this. According to Burning Glass Technologies, there are about 20% fewer jobs posted in the U.S. than there were in early January. Let us know which real estate markets you consider best for real estate investing! – The national homeownership rate is on the decline for the first time since 2017. The highest forecast in a September Reuters poll of 16 economists was price growth of 10% in 2021, while the lowest prediction called for a 10% drop. https://azbigmedia.com/downtown-phoenix-development-makes-it-harder-to-find-a-place-to-live/, Granny flats/ADUs There is always going to be high tenant turnover in student housing markets. Even as Phoenix home prices have reached new heights, the market remains attractive to residential real estate investors. There are more than 200 golf courses in Arizona, but most are located in and around the Valley of the Sun. Phoenix Rental Trends: According to RentCafe, the average rent for an apartment in Phoenix is $1,141, a 10% increase compared to the previous year. Moreover, it's even harder to take out a mortgage for those who have student loan debt. High-tech house flippers such as Zillow are using algorithms to reshape the stodgy, $26 trillion market for U.S. residential real estate. In September 2020 a total of 1,807 was the highest number of newly built homes sold in September since 2007. the median price of a new build has only risen 5.18% over the past year while resale homes have climbed 19.13%. The 10,303 home sales were not only the highest number of sales ever in July, but one of the highest monthly totals ever. You can see this just by looking at recent sales data, time on market, offer versus list price, and other metrics. Kiplinger listed Arizona as the 8th most tax-friendly state in the U.S. in 2018. Earlier this month, the property valuation company Veros Real Estate Solutions published a housing market forecast that ranked the ten strongest housing markets in the U.S. What does 2021 have in store for us? It's more reasonably priced housing, lower cost of living, available workforce, and stable climate forecast a growing economy and stronger housing growth. Home buyers are competing for limited inventory, while prices continue to climb. Other housing market predictions for 2021. It is quite evident that the ongoing pandemic has not had any major impact on Phoenix's housing market. Two-bedroom apartments have increased by $122 (9.3%). Now record low-interest rates are helping boost sales, and it's still a strong seller's market. Phoenix real estate appreciation rate in the latest quarter was at 1.90%, which equates to an annual appreciation rate of 7.83%. All rights reserved. The chart below, created by Zillow, shows the growth of median home values since 2011 and their forecast until September 2021. If the tenant violates the rental agreement or doesn’t pay rent, they can be evicted quickly. The Chandler area offers strong market fundamentals in addition to a favorable tax and regulatory climate. Here are the ARMLS numbers for the Maricopa County housing market for the third quarter of 2020. They’re also two of the key factors influencing those positive housing forecasts mentioned above. These are some of the most affordable neighborhoods where the rent prices are below the average Phoenix rent of $1,141/mo. The location creates desirability. Check out the latest US stats, and discover when you should buy or sell. We’re standing by to help you take the guesswork out of real estate investing. The demand for housing has completely outpaced the supply. Now the market is facing a shortage of homes for sale. According to the latest data from Redfin, the housing market in Phoenix, Arizona had about a 1.4-month supply of homes for sale as of August 2020. A cheaper neighborhood in Phoenix might not be the best place to live in. According to the Veros real estate market forecast, metro areas in Idaho, Washington and Arizona are expected to show strength over the coming months. Laguna Niguel, CA 92677, Copyright 2018 Norada Real Estate Investments, Latest Market Data, Trends, and Statistics, https://www.zillow.com/Phoenix-az/home-values, https://www.littlebighomes.com/real-estate-phoenix.html, https://www.movoto.com/phoenix-az/market-trends/, https://www.neighborhoodscout.com/az/phoenix/real-estate#description, https://www.realtor.com/realestateandhomes-search/Phoenix_AZ/overview, https://metrorealtyphx.com/phoenix-real-estate-market-report-this-month, https://arizonarealestatenotebook.com/phoenix-housing-market-predictions-2019, https://www.mashvisor.com/blog/arizona-real-estate-market-2018-the-place-to-invest-this-year, https://www.azcentral.com/story/money/real-estate/catherine-reagor/2020/05/28/coronavirus-arizona-phoenix-housing-market-success-2020-pandemic-impact/5223134002/, https://armls.com/docs/2020-APRIL-STATwith-commentary.pdf, https://www.realtytrac.com/statsandtrends/az/maricopa-county/phoenix, https://azbigmedia.com/7-projects-between-the-7s-in-downtown-phoenix/, https://azbigmedia.com/downtown-phoenix-development-makes-it-harder-to-find-a-place-to-live/, http://www.friends.org/latest/accessory-dwelling-units-are-cities-and-counties-doing-enough, https://www.phoenix.gov/sustainability/transportation, https://www.curbed.com/2016/11/4/13518302/downtown-phoenix-real-estate-urban-planning-devleopment, http://capstonecapitalusa.com/the-most-friendly-8-landlord-states, https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters, https://universe.byu.edu/2017/02/22/this-tiny-arizona-desert-town-is-a-retirement-mecca-for-2-million-human-snowbirds/, https://www.azcentral.com/story/news/local/mesa/2015/01/20/phoenix-area-snowbirds-easily-seen-tracking-financial-impact/22034575/, https://www.tripsavvy.com/what-is-a-snowbird-2683049, https://www.azcentral.com/story/news/politics/legislature/2016/07/27/airbnb-arizona-benefits/86314492/, https://www.bizjournals.com/phoenix/news/2017/02/15/exclusive-airbnb-hosts-in-arizona-earned-51m-in.html, https://www.kiplinger.com/slideshow/taxes/T006-S001-10-tax-friendly-states/index.html, https://yourbusiness.azcentral.com/percent-taxes-pay-selling-real-estate-17380.html, https://news.azpm.org/p/news-articles/2017/6/8/111864-arizona-housing-back-on-pace-after-housing-meltdown, Greater Phoenix Housing Market Report (September 2020), Phoenix Housing Market Prices And Trends 2020 (YTD Summary), Impact of Covid-19 on The Phoenix Housing Market, Phoenix Real Estate Foreclosure Statistics 2020, Top Reasons To Invest In The Phoenix Real Estate Market, Growing And Affordable Real Estate Market, The Major Wave of Renovation in Downtown Phoenix, Phoenix, Arizona Real Estate Investment Markets, The Tucson real estate market is good for investment, There are several reasons to consider investing in the Scottsdale real estate, The Chandler area offers strong market fundamentals, San Francisco Bay Area Real Estate Market & Investment 2021, California Real Estate Market: Prices | Trends | Forecast 2021, Las Vegas Real Estate Market: Prices | Trends | Forecast 2021. A law that went into effect in 2016 made Arizona a leader in Airbnb rentals. Phoenix remains the biggest city of Arizona and the state’s capital. Real estate market forecasts given in this article are just an educated guess and should not be considered financial advice. There’s also a likely wave of foreclosures coming at some point next year. https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters, Snowbirds Realtor.com's forecast and housing market predictions on key trends that will shape the year ahead. This is the time for buyers to take advantage before they are increased again. Let’s take a look at the number of positive things going on in the Phoenix real estate market which can help investors who are keen to buy an investment property in this city. Here they will not face multiple offers, but they may find some builders are not accepting contracts except for homes that are near completion. http://capstonecapitalusa.com/the-most-friendly-8-landlord-states Click here to read past editions of Zillow’s Market Pulse updates. Don’t let memories of the Great Recession bust that cut home values in the Phoenix housing market keep you away. We can see that supply remains very low indeed (1.48 Months) but has only declined -2.63% over the past month, a much weaker trend than last month. In July & August, the Phoenix was a hot seller’s real estate market, which means there were roughly more buyers than there were active homes for sale. Alhambra, where the average rent goes for $942/mo. But in May and June, spending actually went up 18.2% and 7.5%, respectively. Economists believe the U.S. might have a complete “shutdown in the housing market” soon and Covid-19 fears will leave a “drastic impact” on real estate. Prices are up 17.8% since two years ago and 145% since prices bottomed out in May 2011. Today’s rental market has an unfulfilled demand from renters … In September, the number of properties that received a foreclosure filing in Phoenix, AZ was 7% lower than the previous month and 88% lower than the same time last year. But we can look at some of the factors that might contribute to a 2021 housing crash. Housing Market Crash 2021: The housing reports are comprehensive assessments and predictions of US Housing markets drawing insight from NAR, CAR, Corelogic, Wall Street Journal, Freddie Mac, tradingeconomics, statista, and more industry sources. However, Phoenix itself is massive. These will be the primary driving forces through the end of 2020 and into 2021. Housing markets heavily reliant on entertainment, tourism and hospitality are forecast to have hardships going ahead to next year. To accommodate aging in place, they’ve loosened the rules on building “accessory dwelling units”, commonly known as mother-in-law suites. What’s Really Causing the High Rents? Consult with one of the investment counselors who can help build you a custom portfolio of Phoenix turnkey properties. https://www.zillow.com/Phoenix-az/home-values Is It The Right Time To Invest In Real Estate? Investing in Phoenix's real estate can be a worthy investment due to a steady rate of appreciation. Properties purchased today are expected to strongly appreciate by 8-10% over the next 12 months. Overall, retail and food spending has been down since January, which is a direct cause of the pandemic and subsequent economic slowdown. 5. https://www.realtytrac.com/statsandtrends/az/maricopa-county/phoenix, Renovation Remote workers who can live anywhere are increasingly eyeing homes in the suburbs as opposed to crowded cities. Low inventory is forcing those buyers to compete, sometimes fiercely, for desirable properties and locations. LittleBigHomes.com estimates that the probability of rising home prices in Phoenix … https://news.azpm.org/p/news-articles/2017/6/8/111864-arizona-housing-back-on-pace-after-housing-meltdown, Filed Under: Growth Markets, Housing Market, Real Estate Investing. It shows no sign of cooling off, surprisingly so. One-bedroom apartments in Phoenix rent for $1189 a month on average (an 8.66% increase from last year). Renter-friendly rules like requiring a landlord to return a rental deposit within two weeks are not a burden. This figure also corroborates with Zillow's positive forecast, so the home prices in this region would increase by at least 8-10% in the next twelve months. The worst performance over a three year period in the Phoenix Market was -43% in the three years ended with the 2nd Quarter of 2010. Olympia, Washington Are prices going to crash in 2021? In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. For example, the area is famous for its snowbirds, retirees who come for the winter before returning home. https://www.curbed.com/2016/11/4/13518302/downtown-phoenix-real-estate-urban-planning-devleopment, Landlord friendliness Phoenix home prices were up by roughly 7% over the last twelve months. Despite the rise in new listings, the environment is extremely difficult for homebuyers in metro Phoenix. It’s a hot housing scene as of fall 2020, and that could be the case for the foreseeable future. The homebuyers won’t be able to outbid real estate investors and would end up renting. Lender-owned sales decreased by -29.3% year-over-year. Low inventory and low mortgage rates are two of the driving factors within the Phoenix real estate market, as of fall 2020. Arizona Regional MLS includes Maricopa County and most of Pinal County. https://www.realtor.com/realestateandhomes-search/Phoenix_AZ/overview Or at least through the first quarter of 2021. The median sale price was $338.5K. There are easily 100,000 college students renting in the Phoenix housing market. Separately, in a September 2020 housing market update for the nation as a whole, the company’s researchers singled out Phoenix for having one of the biggest home-price gains. After all, a buyer’s market is characterized by both rising inventory and dropping prices. Moody’s Analytics, who develop mortgage risk software for Canadian banks, predicts a 7% drop in Vancouver. The Phoenix housing market is one of the hottest markets for 2020. A new report predicts home prices across Canada will drop in 2021, as high unemployment and lower incomes due to the COVID-19 pandemic keep buyers from returning to the market. https://yourbusiness.azcentral.com/percent-taxes-pay-selling-real-estate-17380.html, Cheap property And that’s not going to happen. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property. https://arizonarealestatenotebook.com/phoenix-housing-market-predictions-2019 (adsbygoogle = window.adsbygoogle || []).push({}); © 2020, Home Buying Institute (HBI). In other words, there’s not enough supply to meet the demand. In July, the median sales price — up 3.3% in a single month, and up 12.5% for the last 12 months. The Airbnb market has exploded in Arizona during the past five years. Zillow recently published a study that found baby … Since 2006, the population has grown faster than housing. http://www.friends.org/latest/accessory-dwelling-units-are-cities-and-counties-doing-enough As of October 6, the company’s website stated: “Phoenix home values have gone up 11.4% over the past year and Zillow predicts they will rise 6.1% within the next year.”. The snowbird movement is somewhat different than the conventional tourist market. The chart below shows the median home value in Phoenix, Arizona going back nine years or so. Record-low mortgage rates are fueling demand among buyers. However, it is taking longer for sellers to sell their homes under these conditions. Distressed sales accounted for 0.4% of total sales, the same as the previous month. Currently, the zip code with the highest foreclosure rate is 85041, where 1 in every 6101 housing units is foreclosed. Maryvale, where renters pay $926/mo on average. As with any real estate purchase, act wisely. The need for many retirees to sell their second homes when they can no longer travel or live independently provides an opportunity to snap up properties at a bargain rate. Moody’s Analytics, who develop mortgage risk software for Canadian banks, predicts a 10% drop in Calgary and Edmonton. Read this housing market predictions 2021 guide to determine how things might take a turn with the ongoing pandemic. Phoenix is becoming a top destination for people living in high-cost areas like. Other snowbirds sell their condo and move into a single-family home when they decide to stay in Tucson year-round. Sun City stands out as a mecca for seasonal and year-round retirees, but it is far from the only retirement community in the Phoenix real estate market. If you are looking to make a profit, you don’t want to buy the most expensive property on the Phoenix real estate market and expect to make a good profit on rents. Well, as you might’ve guessed, behavior change like the social distancing effort is causing some market delay. https://www.tripsavvy.com/what-is-a-snowbird-2683049, Tourism/Airbnb Don’t forget that the large retiree market means there is strong demand for one and two-bedroom houses and condos here, and those units are a fraction of the cost of a three-bedroom home. The biggest mistake buyers make is sitting around waiting for sale prices to decline while their potential mortgage payment plummets. That makes the Phoenix metro area the twelfth largest in the country. Experts are split on exactly when we can expect a downturn to occur: Sales in the Metro Phoenix housing market have fully recovered and posted a year-over-year increase of almost 13% in July. Choosing a real estate professional/counselor continues to be a vital part of this process. Despite relatively steady home price appreciation in May, the U.S. housing market is on the precipice of an extended price slump, according to a CoreLogic report released Tuesday. Based on the last two Las Vegas housing market predictions for 2021, it’s possible that the city may go through a market shift – from a very hot seller’s market, closer to a buyer’s market. Current trends fairly predict that the Phoenix home prices and real estate appreciation rates in 2020 are very likely to be the same as in the past year. Phoenix is 74% during this period. Arizona has been lowering its capital gains tax rate, as well. If you want to invest in real estate, you typically want to do so in a market where you can quickly evict people who don’t pay their rent or damage property. Have a look at the Phoenix real estate investment prospects we have provided from various real estate sources and make the best possible decision for yourself. Joseph Goodhue 310-980-0571 JoeG@AlphonsoBjorn.com Hilton & Hyland DRE02006693 This increase in new listings appears to be setting in for the long run, which is a little bit of good news for buyers. Real (non-stimulus) income will stay flat or decrease slightly as the economy ramps up. Phoenix has a mixture of owner-occupied and renter-occupied housing units for sale. In late 2014, Phoenix only had 687 properties for rent listed on Airbnb. According to the U.S. Census Bureau, the population for the city of Phoenix grew by a whopping 16.2% from 2010 to 2019. That is well below what’s considered to be a “balanced” real estate market. May 28, 2020 May 28, 2020 NeedMag. These numbers can be positive or negative depending on which side of the fence you are — Buyer or Seller? Public transit in this area is significantly improved. In March, Metro Phoenix’s median home price hit a record of $302,500. September’s 6.54 million in sales has left the market with only 2.7 … Under the baseline scenario, we expect: A 2%-3% drop in prices through the end of 2020, followed by a slow recovery throughout 2021. It is a metropolitan area, centered on the city of Phoenix, which includes much of the central part of Arizona. LittleBigHomes.com estimates that the probability of rising home prices in Phoenix is 74% during this period. The Metro Phoenix housing market is extremely strong and has been hitting a number of new records in the last few days. Here is a short and crisp Phoenix housing market forecast for the 3 years ending with the 3rd Quarter of 2021. The Tucson real estate market is good for investment. Evaluate the specifics of the Phoenix housing market at the time you intend to purchase. The Phoenix housing market is much larger than Phoenix itself – it encompasses the entire Valley of the Sun, Phoenix’s sprawling suburbs that are home to another five million people. The shutdown has already resulted in 546,900 unemployment filings. It is cultivating fifteen complete walkable communities across the metro area with strong public transit, denser housing, and locally provided services. #1: A recession is possible in 2020, and likely by the end of 2021; but it won’t be caused by the real estate market this time. Adam Othman | June 22, 2020 | More on: HCG That’s according to data collected by Zillow. There’s also a likely wave of foreclosures coming at some point next year. Some housing markets could experience steady but slower home-price growth over the next year, despite our current economic woes. Based on all of these trends, the 2021 housing market forecast for Phoenix, Arizona can be summed up in two sentences: Record-low mortgage rates will continue to fuel demand among home buyers, at a time when inventory remains near a record low. On the other hand, Phoenix home prices are now only back to where they were at the top of the real estate bubble in 2006, 12 years ago. We shall mainly discuss median home prices, inventory, economy, growth, and neighborhoods, which will help you understand the way the local real estate market moves in this region. Let's look at some of the things that are happening and might influence the market. Single-family homes continue to drive the Arizona real estate market. However, there are some restrictions on short-term rentals. What are the Phoenix real estate market predictions for 2021? For 2022 and 2023 Hamptons predicts the housing market to go back to its “longer-term growth path” with property prices expected to increase across all regions by 2.5% and 3.5% respectively. In January, many experts expected moderate growth and moderate price appreciation in 2020. The aging of the U.S. population makes investing in communities catering to older adults an excellent idea. According to a Redfin report published over the summer, Phoenix is one of the top destinations for relocation-minded home buyers who are looking at properties in cities other than where they live. The Housing Market Could Fall Very, Very Sharply by 2021! https://www.neighborhoodscout.com/az/phoenix/real-estate#description 30251 Golden Lantern, Suite E-261 However, Chandler has several points in its favor that make it a better choice for real estate investors than surrounding cities. Phoenix deals with a large retiree population, both permanent and seasonal. The section of Phoenix wedged between Seventh Street and Seventh Avenue is undergoing a wave of commercial redevelopment, fueled by more than five billion dollars invested to date. The Phoenix area is set to see a surge in home sales in 2021, with prices continuing to rise more than the national average. Sales were up 18.5% from September 2019 and up 4.8% from August 2020. Last year saw was the eighth consecutive year of home price gains. https://universe.byu.edu/2017/02/22/this-tiny-arizona-desert-town-is-a-retirement-mecca-for-2-million-human-snowbirds/ Disclaimer: This story contains third-party predictions and forecasts for the Phoenix-area real estate market. I'm updating this article as we enter 2021 and beyond. The slump in year-over-year sales in April and May impacted the numbers, but the anomaly will most likely be fully erased in October, according to ARMLS's forecast. Hence, Phoenix real estate market remains strong and skewed to sellers, due to a persistent imbalance in supply and demand. The forecasts center around a baseline prediction of a 4.9% decrease in United States GDP in 2020 and a subsequent 5.7% increase in 2021. https://www.littlebighomes.com/real-estate-phoenix.html This means that many snowbirds end up staying permanently in the Phoenix housing market. Perth continues to show the lowest median house values of any capital city, at $475,200. Check out the latest US stats, and discover when you should buy or sell. As of July 27th, the multi-family rent … The average sales price is up +23.1% year-over-year while the year-over-year median sales price is also up +17.5%. The highest annual change in the value of houses in the Phoenix Real Estate Market was 41% in the twelve months ended with the 4th Quarter of 2005. As compared to 2018, single-family homes grew by roughly 4% in 2019. The rise is predicted to be in line with household incomes and is supported by low interest rates. We talked about the strong demand for homes in the Phoenix area and how it’s affecting the local market. The Housing Market Could Fall Very, Very Sharply by 2021! #1: A recession is possible in 2020, and likely by the end of 2021; but it won’t be caused by the real estate market this time. Suppose you buy a house to renovate and rent out. The start of 2020 was like a nightmare for regular homebuyers of Phoenix due to tight inventory and an increasing rate of price appreciation. This is in addition to a plethora of high paying jobs that attract new residents and niche markets that are willing to pay higher rents in exchange for convenience and proximity to amenities. The Scottsdale housing market has a more diverse rental market than just catering to those who can’t afford to buy a single-family home. Similarly, a recent housing report published by Zillow showed that total inventory for the Phoenix metropolitan area dropped by -21.8% from September 2019 to September 2020.

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