Recent report from Think Realty suggests that home prices are likely to surge in areas of the South and Southwest.
Census data, for certain cities in the South and Southwest will likely see surging home prices to accompany surging population numbers. The nations fastest growing cities are mostly far from the pricey tech hubs and the skyscrapers on the East Coast.
Phoenix is rated as the second fastest growing city, and Maricopa County (includes Phoenix) is the fastest growing county in the US.
Comparing the first quarter 2018 to 2017, there were 16,227 sales in 2018, which was 4% higher than the 16,602 sales in 2017. The median sale price in first quarter 2018 was $277,000 a 5% increase compared to $255,000 in 2017.
There is a lot of news positively affects the Maricopa County real estate market. Population, job and wage growth should continue to increase. These increases will keep the competition among buyers of single family homes fierce.