Arizona Suburbs Outpace Urban Housing Market Growth

Storage Cafe’s study of housing trends from 2013 to 2022 highlights a significant shift in Arizona, with suburban areas greatly outpacing urban growth. Phoenix’s housing inventory grew modestly by 6%, similar to Tucson, while Gilbert, Chandler, and Mesa saw increases of 24%, 17%, and 12%. Queen Creek emerges as the fastest-growing city in Arizona, with its housing stock skyrocketing 123% to nearly 20,000 units. This expansion is fueled by a 128% surge in population and a doubling of home values. Buckeye also experienced remarkable growth, with its population increasing by 81% and housing inventory rising by 72%. Home prices in Buckeye nearly tripled, driven by increased demand due to the rise in remote work. New Kingman-Butler saw a 67% boost in housing inventory and a more than sixfold increase in apartment units. Despite a 49% rise in home prices, it remains one of the state’s more affordable areas, with incomes rising by 64%. Tucson suburbs, such as Valencia West and Marana, also grew significantly, with a 48% increase in housing stock and population increases of 41% and 47%. Overall, these trends underscore the dominant role of suburban areas in driving Arizona’s housing growth.

Source: https://azbigmedia.com/real-estate/the-10-fastest-growing-housing-markets-in-arizona/