After facing one of the most devastating real estate downturns in history just a little over a decade ago, Arizona has now become one of the fastest-growing real estate markets in the country.
This is the result of two factors. First, the state is once again open for business after a colossal economic downturn and there is strong demand from those moving to the Grand Canyon State from California, Washington, Oregon and other high-tax states.
Second, there is a lack of supply, as the crash in the market in 2008 all but destroyed property values, led to a glut in the market and brought new homebuilding activity to a halt.
But over the past few years, home values have not only recovered in Arizona but skyrocketed due to record-low housing inventory. Another positive trend driving up housing prices is unprecedented demand from first-time buyers – largely from the expanding and historically