Phoenix a Top Market to Watch for Growth and Real Estate Investment in 2024

Metro Phoenix is expected to be one of the hottest U.S. real estate markets in 2024, according to a national survey.

The Phoenix area ranked No. 2 on a list of the top U.S. areas to watch for growth, commercial real estate development and investment next year, according to Urban Land Institute’s Emerging Trends report.

The Valley ranked behind Nashville, but ahead of Dallas, Atlanta and Austin for the top five markets to watch based on responses from 2,000 real estate experts.

“Consider that Phoenix jumped seven places this year to the second overall position, and Las Vegas cracked the top 20 for the first time in at least a decade,” according to the annual report done with the accounting firm PwC. “Both cities were in the news this year for their record-breaking heat waves, but that did not seem to deter new residents — or the interest of CRE (commercial real estate) developers and investors.”

Metro Phoenix ranked No. 12 on the survey’s list of markets to watch for home building next year.

The Valley’s new home construction market still hasn’t rebounded from the boom and crash. Constraining home building now are higher interest rates as well as labor and materials shortages.

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