Phoenix Ranked At Number 1 For Top Housing Markets In 2017

Dated: December 14 2016

Views: 1112

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Economic experts at realtor.com report that the nation's hottest markets will continue to flourish in 2017, even while the rest of the U.S. slows down. Data shows that the west is the best place to be in terms of the housing market! Phoenix ranked at #1 with a median home price at $300,000, a price growth at 5.94% and a sales growth at 7.24%. Tucson also made the top 10 with a median price of only $237,000, a price growth of 6.1% and a sales growth of 5.47%. All of the top cities have affordable rental prices, low unemployment, a growth in new construction and a large population of both millennials and baby boomers. Although Phoenix and Tucson have a very large population of baby boomers and retired folks, both cities still have a decent number of millennials and first time home buyers to make for an eclectic market.The top cities are experiencing a continuously decreasing rate of unemployment, resulting in more people with the ability to purchase. Even in the greatest markets, there is still a surplus of buyers and a limited availability of homes for sale. However, these cities are seeing a large growth in new construction. Although the growth is not great enough to compensate for the lack of listings, it is expected to cause the current price growth rate to decrease. For the full list of the 2017 National Housing Forecast, please visit realtor.com.


Written by Kelsey Donovan of Dwellings Realty Group

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