Phoenix has consistently been one of the fastest-growing cities in America. There are many factors driving this migration, and it is important for Phoenix residents to understand the impact it has on the local real estate market. Pamela Sandberg – an expereinced Phoenix Realtor and licensed attorney – discusses these trends, and what local residents need to know about the Phoenix housing market.
Forbes recently reported that Phoenix was fasted growing city in the United States in 2017-2018, when more than 25,000 new residents moved in. Forbes attributed this to the development of a strong technology sector after the recession of 2008. Between 2007 and 2018, the bioscience sector nearly doubled its employment in the Phoenix area to over 100,000 jobs. Other high-paying jobs (such as business and financial services, technology, and healthcare) also increased during this period. These fields made up about 48% of the Phoenix workforce prior to the recession. Now, they employ closer to 60% of employees in the Phoenix area.
So what does this mean for the Phoenix real estate market? Employment has always been a significant factor in determining the strength of the real estate market in a given geographical area. Phoenix has developed a strong job market with steady, high-paying employment. This translates to a strong housing market. Indeed, Phoenix real estate has been appreciating steadily for many years now, in a pattern consistent with our job growth.
If you are relocating to Phoenix for a new job – welcome! Let an experienced Realtor and attorney help you find the perfect house to call your new home. If you currently own here, you likely have equity in your home thanks to the reliable appreciation our housing market has experienced over the past decade. Contact sandberg@trurealty.com today for a free consultation and Comparative Market Analysis of your home.
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