Phoenix like other real estate markets in the United States is booming. Prices for small, nicer homes depending on location range from about $400,000 up to several Million Dollars for the most expensive parts of the city. This is happening despite 4 months of 100 plus degree weather. Taxes and the cost of living in Arizona are reasonable. Schools in many areas are quite good. Amenities, like shopping and restaurants, including top notch medical services are everywhere. The freeway system in every direction is expanding; though traffic can be pretty bad like in all big cities. This combined with Sky Harbor International Airport makes non stop service to Phoenix cheap and easy.
A lot of the growth of Phoenix is being driven by people escaping California's high taxes and regulations, very high cost of living, bad public schools in many areas, freeway gridlock, homeless everywhere etc. The Golden State is tarnished to say the least and getting worse by the day. California's loss is Arizona's gains. But it is not just California escapees fueling high growth in Phoenix. Baby Boomers looking for a warm place to retire or semi retire that don't like Florida's humidity, bugs and hurricanes are also flocking to Phoenix.
Of course, it is a Seller's Market in Phoenix like in many parts of the country. There are bidding wars going on as homes are selling above list price. Contingencies are being waived. Prices are going through the roof, which always scares me; but the demand is there and the supply is low. Prices typically go up in winter; though this year the warm months are not scaring anyone away. Phoenix is likely to add another million people to its 4.5 million population in the next 5 - 10 years. The land is there to do it as builders continue to build tract after tract.
