By Andrew DePietro | Forbes
Phoenix, for more than a half-century, has exploded in terms of its population. From a population of a little over 100,000 in 1950, Phoenix’s population grew by 311.1% to 439,170 in 1960, and has kept rising ever since. The city’s population now stands at roughly 1,624,569, as of July 2021, according to the Census Bureau’s City and Town Population Totals: 2020-2021. This makes Phoenix, now, the fifth largest city in the United States. A considerable part of this growth over the years is due to Americans moving to Phoenix, rather than organic growth of the city’s population. What’s more, this 1.6 million population doesn’t include the sprawling suburbs that surround Arizona’s capital.
Over the past five years, the Phoenix housing market has experienced very healthy growth in activity, not to mention home prices. Using data from RedfinRDFN -1.6% covering factors such as median sale price, number of home sales, number of new listings, available for-sale inventory, median days on market a home for sale spends, sales-to-list price ratio, and the percentage of active listings with price drops, and more, we analyzed what’s going on in the Phoenix housing market and where it’s likely headed.
Phoenix Housing Market: Overview
Looking at the data from Redfin, the Phoenix metro area housing market is displaying a mix of continued strength as well as some signs of weakening in activity, which is in contrast to many other major housing markets across the U.S. Like so many other housing markets during the pandemic, home prices in the Phoenix area witnessed a considerable rise beginning in 2021 and carrying over into the first part of 2022. However, the Phoenix housing market has continued to largely maintain its level of home prices, unlike other notable housing markets.
