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The Phoenix-Scottsdale Metro market was recently ranked #3 out of “The 10 Strongest-Performing Markets” in our VeroFORECAST U.S. house price forecast report. We know the temperature is hot in Phoenix, but where’s the heat coming from and how long will it last?
Phoenix has been on the rise for years, but changes from the pandemic have bolstered it to one of the fastest appreciating markets in the U.S. VeroHPI predicts that it will appreciate by 15% over the next 12 months. Many residents from expensive cities on the west coast are choosing to move to cheaper options in the area such as Phoenix. Even with its fast appreciation, Phoenix can still offer homes for ½ to 1/3 the price of places such as Los Angeles or San Francisco.
Watch our Housing Market Insider interview with Veros’ Chief Economist, Eric Fox, and Phoenix’s very own Real Estate Special Commissioner, Karen Picarello to get both the data and the feet on the street insight.