What 2024 holds for metro Phoenix real estate
Source: Illustration: Brendan Lynch/Axios
Some predictions for the coming year: Now that interest rates have dipped slightly, a “feeding frenzy” could ensue among homebuyers tired of waiting for them to sink to pre-pandemic lows. Given the vast numbers of owners locked into those low rates, though, and the continuing masses of humanity moving to Phoenix, supply will remain stubbornly low, keeping prices high. Single-family rentals will become more popular as young people remain priced out of the market and short on selection. Single-family home rents have ballooned 43 percent in the past few years, but they’re still more attainable than buying, and Phoenix continues to lead the nation in build-to-rent communities.
Source: https://www.axios.com/local/phoenix/2024/01/02/2024-metro-phoenix-real-estate-housing-prediction
