The Marquee Loop: AZ Real Estate
A Small history lesson on the Arizona Real Estate Market:
Arizona experienced a significant real estate boom in the early to mid-2000s, followed by a sharp decline during the Great Recession of 2008-2009. During the boom, property values soared, particularly in the Phoenix metropolitan area and other urban centers. However, when the housing bubble burst, home prices plummeted, resulting in a high number of foreclosures and distressed properties.
In the years following the recession, Arizona’s real estate market gradually recovered. From around 2012 to 2019, the state experienced a steady increase in home prices, although the pace of appreciation varied across different regions. Factors contributing to this recovery included population growth, improved economic conditions, and a rebound in demand for housing.
It’s worth noting that within Arizona, different cities and regions may have experienced varying trends in real estate values. For example, the Phoenix metropolitan area generally saw stronger growth compared to some rural or less densely populated areas.