ARIZONA NEWS

Survey projects Phoenix to be top 10 real estate market after pandemic

Dec 14, 2020, 1:28 PM
(Facebook Photo/City of Phoenix, AZ USA)...
(Facebook Photo/City of Phoenix, AZ USA)
(Facebook Photo/City of Phoenix, AZ USA)

PHOENIX — A group of economic experts has projected Phoenix to be a top 10 real estate market following the coronavirus pandemic.

A survey of about 20 experts released Thursday concluded that Phoenix is likely to be a leading real estate market because of its influx of residents from other West Coast metros and a high rate of those who typically work from home.

The survey from the National Association of Realtors also used factors such as unemployment rate and net domestic migration to determine the top markets.

“Some markets have been performing exceptionally well throughout the pandemic and they’ll likely carry that momentum well into 2021 and beyond because of strong in-migration of new residents, faster local job market recoveries and environments conducive to work-from-home arrangements and other factors,” Lawrence Yun, NAR chief economist and senior vice president of research, said in a press release.

Phoenix ranked as the top metro area for movers from other West Coast cities, which boosted its standing.

About 29,000 people moved from West Coast metros to Phoenix in 2018, according to the survey.

Arizona’s work-from-home rate of 7.9% in 2019 — before the pandemic hit — was also among the highest in the nation.

“Areas that are already attractive destinations to purchase a home, especially among movers from more expensive West Coast cities, may attract more technology workers, many of whom are from organizations with very flexible, and in some cases permanent, work-from-home policies,” the survey determined.

Other top 10 projected markets included Dallas, Atlanta and Provo, Utah. The markets weren’t ranked in any particular order.

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Survey projects Phoenix to be top 10 real estate market after pandemic