As 2019 draws to a close, a review of Maricopa County’s real estate transactions reveals a strong seller’s market and low housing supply. The Phoenix area saw its population swell, and its real estate values soar to unprecedented heights. Residential real estate remains in high demand in the valley of the sun, and many want to know: What can I expect in the Maricopa county housing market in Spring 2020?
The Millennial Buyers are Expected to Lead
Reports indicate that millennials are anticipated to be a dominant group in the housing market in 2020 throughout the country. Therefore, it is unsurprising that this population is expected to be a driving force in the Phoenix housing market. As these buyers enter their late 20?s many are purchasing their first homes after marriage, starting families, or have enough funds to buy as single individuals. With Phoenix?s booming economy, higher education and employment opportunities, millennial buyers are attracted to the area? and are expected to buy here in 2020.
Senior Housing Will Continue to Be in Demand
According to a recent report, the United States? senior citizen population is expected to reach 78 million by 2035. In 2015, it was estimated that there were 4,076,438 Maricopa County residents of which 1,010,060 (24.8%) were age 55 and over; of those, 767,477 were 60 or over, (18.8% of the population), with 698,432 age 60-84 (17.1%) and 69,045 age 85 or older (1.7%). The need for senior housing and care facilities is expected to increase throughout the country in 2020 as well as in Maricopa County.
The Market May Remain Steady
Fortunately, interest rates remain low, making it easier and more realistic for buyers to obtain mortgage financing. Maricopa County continues to grow and attract new residents and business interests. According to a recent report, Gilbert, Chandler, and Mesa are currently considered to be three of the hottest housing markets in the country. Demand is present and with that, market prices are likely to continue to rise. However, as some buyers begin to opt for the space and amenities of suburban communities, willingness to pay metro Phoenix real estate prices may wane in the coming year. Additionally, supply continues to be an issue, and those wanting to live inside the city limits will have fewer options.
Laura B. Bramnick is an experienced Arizona real estate attorney with the expertise you need to understand the Arizona real estate market. If you are seeking an outstanding, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.