The top housing market in the U.S. in 2017 will be metro Phoenix, according to a new realtor.com forecast.
It’s about time.
Realtor.com, a national real estate website, is predicting Valley home prices to climb 5.9 percent, and sales to jump by 7.2 percent next year. That’s not the biggest projected price increase on its list of top 10 markets in 2017, but it’s the biggest sales increase.
The Valley’s steady growth in sales and price increases, tighter new home market and short supply of foreclosures make it one of the healthiest in the country. This is in comparison to Los Angeles, which ranked No.2 with a predicted 6.9% rise in price and 6% increase in sales. Two other cities in the West, Sacramento and Riverside made the top five for housing gains as well considering their price points to buy a home in these areas are substantially higher when in comparison to Phoenix. There is also good news for Tucson, AZ. The real estate groups rank it as the ninth best housing market in 2017 with an expected 6.1% jump in price and 5.5% gain in sales.
It makes sense since one of the Valley’s top selling points for buyers is more affordable home prices.