Phoenix is Predicted to be the #1 Housing Market in 2017

As we begin to wrap up yet another year, it’s time to start looking forward to 2017. Luckily, things look good for us in the valley when it comes to real estate. So good, in fact, that a few weeks ago the Arizona Republic reported that the metro Phoenix area was predicted to be the number one housing market in 2017. This prediction is based on a forecasted increase in home prices, combined with a spike in predicted sales, as well as some other positive factors for the valley. This is great news (and about time) for Phoenix, as we were one of the hardest hit areas during the real estate market crash about 9 years ago. Keep reading for an overview of the findings, or visit AZ Central to read the full article.

Realtor.com predicts that Phoenix will see a 5.9 percent increase in home prices and a 7.2 percent increase in home sales. These increases are substantial, but they were not the highest on the top 10 markets of 2017. What gives Phoenix the predicted #1 slot, are these increases combined with the relative affordability of the valley. While not one of the most affordable metro areas in the nation, Phoenix does have some of the best prices in the West. East coast residents looking to relocate to warmer climates or millenials looking to purchase their first homes in sunny weather will find much better prices than other markets that found themselves on the top 10 list.

Take Los Angeles, for example, which filled the no. 2 spot. LA has a predicted 6.9 percent rise in prices and a 6 percent increase in sales. Sacramento and Riverside also landed in the top 5. Although their growth predictions are impressive – all three of these markets are much pricier than homes in the Phoenix valley.

Phoenix isn’t the only Arizona city earning the limelight in 2017 real estate market news. Tucson also made the list, coming in the 9th slot, with a 6.1 percent predicted increase in home prices and a 5.5 percent jump in home sales.

Recently, the Phoenix New Times outlined that top 10 best neighborhoods in metro Phoenix. As we locals know, the Phoenix metro area is a vast and various – offering many different neighborhoods and lifestyles. While there are many beautiful communities in Phoenix and the surrounding areas, we’ll highlight a few that made this top 10 list.

Location: Higley and Ray Roads
Median Home Price: $259,900

Agritopia is a unique neighborhood built in the early 2000s. It is a planned community, like many neighborhoods built in this time period – but with a special twist. Like its name may suggest, agriculture plays a large role in this community. Nestled amongst the homes is a beautiful urban garden created to educate the community on sustainable farming and healthy eating.

Location: Southwest of University Drive and Mill Avenue
Home prices starting at: $215,000

While many attempt to stay away from the hustle and bustle of ASU, it’s also part of the attraction to the residents of Maple Ash. The enchanting 1920’s homes in this area add to the appeal. This place is perfect for young professionals or young-at-heart as it is just minutes away from lively Mill Avenue. It’s also got easy access to beautiful Tempe Town Lake (with it’s multiple yearly events) and its charming neighborhood bar, Casey Moore’s. With all this charm, it’s no surprise this area made the list of favorites. For investors, this area will never be short of potential renters, as a new batch of hundreds of freshman fill the streets each August.

Location: McDowell Road to Roosevelt Street, Seventh to 16th avenues
Home prices starting at: $249,000

While many neighborhoods in Phoenix have strict homeowner’s rules and don’t boast much diversity – the opposite in the case with the F.Q. Story area. The area is one of the oldest in Phoenix. Because of this, early settlers in Phoenix simple built homes in the styles of wherever they came from – creating diversity rarely seen elsewhere in Phoenix. This neighborhood is also located near freeways and trendy central Phoenix – making it an extremely desirable location.

For the full list of the Phoenix New Times top 10, visit: phoenixnewtimes.com

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