The Phoenix real estate market is booming, and it’s affordable for the moment. How is this market bouncing back from the horror stories of suburbs that haven’t fully bounced back from the recession? It’s all about the job market.

The Recession Hurt

The economy of Phoenix before and during the recession was not as diverse as it is today. When service jobs and construction stalled, Phoenix was forced to adapt. It had too many empty houses. As a result of this adaptation, the entire economy recovered.

Tech and Bioscience

This adaptation and diversification happened the most in the technology and bioscience sectors. Bioscience in particular has been an economy and education milestone for Phoenix, and foundations like the Flinn Foundation continue to cause this field to grow by providing scholarships and opportunities. Technology giants like Plexus, Lifelock, and GoDaddy keep the tech sector going. This is not to mention all the other sectors that thrive due to this, such as the medical technology sector. All of these sectors are recession-proof, so it is safe to say that Phoenix is the place to be if you want to have some economic security.

Jobs + Population Boom

The tech and bioscience diversification that started in Phoenix has brought many young people to the Phoenix area, and they have high-paying jobs. The people moving to Phoenix are not all from the area. Since 2010, over half of a million people have moving to the area. Over 300,000 of those were from different parts of the country, and over 100,000 of them were from foreign countries. These people need places to live, which has helped the construction business as older regions of the city get updated.

The Housing Market

Right now, the housing market is affordable, and median home prices are below $300,000. This means that single people can afford to buy homes. But the market won’t stay like this for long. As more people move to the area, demand will increase for homes, and it will exceed supply. This will drive up prices, and before you know it, it will be a seller’s dream market.

What does this mean for real estate?

It’s great news for real estate. Right now, people should be buying homes, and real estate agencies will thrive in a time of multiple home purchases. Soon, it will be thriving in a different way, and home sellers will enjoy the increase in their property values. It’s all about timing, and a thriving economy is good for everybody.