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The 12 hottest housing markets in 2021

Wednesday, February 10, 2021   /   by Juan Grimaldo

The 12 hottest housing markets in 2021

Phoenix Ranked 2nd For Hottest Housing Markets in 2021

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We rank #2

2. Phoenix, Ariz.

Share of survey respondents expecting market to outperform the national average: 69%

Local lender: Rich Simon, owner of AZ Lending Experts. Simon has served the Phoenix market for 17 years.

What’s the activity like now and what do you anticipate for 2021?

Demand is the highest we’ve seen and we’re stuck in a situation where supply is extremely low. Active single-family homes for sale in the Phoenix market were 3,498 as of Jan. 28. We're used to seeing somewhere between 18,000 and 22,000. I'll call a listing agent to try to put in a good word for my client, and they'll tell me my client is one of 32 offers.

It's become a regular practice to waive appraisal contingencies. We're seeing anywhere from $20,000 to $40,000 being deposited in escrow. Typically, it used to be 1%. And we're seeing people go $30,000 to $40,000 over asking price. I expect the strong appreciation to continue in 2021.

What’s driving demand in your market?

Affordability is still great. The freeway systems are really good out here so it's relatively easy to get around. We still have plenty of room for growth and land that’s not built upon. It's not like other metropolitan areas where they're having to now build up or tear down older neighborhoods.

Keller Williams Realty Elite- The Grimaldo Group
Juan Grimaldo
2403 N Pebble Creek Pkwy #101
Goodyear, AZ 85395

© 2021 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Juan Grimaldo - Keller Williams Realty Professional Partners - The Grimaldo Group (WINBACK) are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. February 26, 2021
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