By Catherine Reagor | Arizona Republic
Buyers looking for deals on houses will be disappointed to know metro Phoenix’s housing market isn’t heading for another bust.
Home sales and prices have been down a bit or flat for the past few months, but that’s typical for the holidays, say housing analysts.
The Valley’s strong population, job and income growth are driving its economy and making economists and market watchers optimistic about its housing market.
Why Phoenix metro isn’t heading for a bust
Metro Phoenix ranked No. 3 for population growth in 2023, adding more than 92,000 people. For 2024, it’s on track to add almost 80,000 new residents, according to the U.S. Census Bureau.
Due to corporate expansions, including Taiwanese Semiconductor’s move to the Phoenix area, 55,000 jobs were created during the 12 months that ended in October 2024. That is on the heels of 70,000 new jobs in 2023, according to the Arizona Office of Economic Opportunity.
The Valley’s median household income climbed to $88,900 in 2024, reports the Census Bureau. That’s up from $60,000 in 2017.
Where the Phoenix-area housing market is headed
The National Association of Realtors is calling for metro Phoenix to be one of the top 10 housing markets in the U.S. in 2025, based on economic and demographic data.
The Valley’s median home price climbed $8,000 from September to $448,000 in October, according to the Arizona Regional Multiple Listing Service.
Home sales were about flat at 5,708 in October.
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