Why Phoenix is expected to be a top real estate market to watch in 2022

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Posted at 3:27 PM, Oct 19, 2021
and last updated 2021-10-19 18:27:11-04

PHOENIX — Phoenix was named among the top metros for real estate prospects in 2022, according to the 2022 Emerging Trends in Real Estate report, done by the Urban Land Institute and PwC US.

Phoenix ranked third in the nation, behind Nashville and Raleigh/Durham, respectively. The rank was calculated looking at overall growth, homebuilding, affordability and job prospects. The 2022 ranking was the first time in more than a decade that Phoenix ranked in the top 10 for real estate prospects.

Phoenix was designated a “magnet” market, attracting both people and businesses more quickly than the U.S. average in terms of both population and jobs. Magnet markets were also the preferred markets for investors and homebuilders, based on rankings given for the report. Phoenix, Charlotte and Nashville were among the top magnet cities.

Phoenix ranked third overall for homebuilding prospects, following Raleigh/Durham and Tampa/St. Petersburg.

Phoenix and other “Super Sun Belt” markets, which include Dallas and Atlanta, were among the top growth markets for any of the subcategories.

Read more of this story from the Business Journal.