Phoenix, a market in rebirth
If you’re not from Arizona, you might think of this sixth-largest state as the lair of snowbirds, bustling only in the winter months and deserted otherwise as people flee the heat and pounding sun. (Or it might vaguely remind you of an early Nicholas Cage film?)
However, much like the high-waisted mom jeans of the 90s, what was once considered old and frumpy is now the hottest trend. The same can be said of parts of Arizona, specifically Phoenix, as the city is experiencing a real estate market almost as hot as the desert sand on a cloudless day.
What’s driving this market surge?
Phoenix is not unique in its real estate boom. The early days of the pandemic saw people bailing on crowded city life in favor of areas that allow for more space, outdoor opportunities, and lower real estate costs. Rich in all of those factors, Phoenix continues to grow even as the pandemic wanes. According to the U.S. Census Bureau, between 2010 and 2020, Phoenix was the fastest-growing large U.S. city.
With this growth has come an amazing amount of variety. Yes, there are still plenty of 55-and-over retiree communities and golf courses, if those are your jam. If you’re not of the senior set, however, you can still find your space. Phoenix features areas to suit any lifestyle, from neighborhoods with hip restaurants, bars, and trendy apartments to suburbs full of single-family homes, great schools and oodles of kids.
Let’s check out a few of them to see where you might like to land.
According to Madelyn Nelson of neighborhoods.com, “The streets within the neighborhood are lined with green trees towering over the quaint Adobe homes, creating a backdrop that’s unlike any other in the Phoenix area.”
Located in central Phoenix, this Pinchot Avenue neighborhood originated during the New Deal as part of a nationwide program to combine farming and industrial living. Back in 1935, it was an enclave of just 25 homes. Each homestead included acreage for a chicken coop, a vegetable garden and a small orchard. While these mini-farms have long since disappeared, and the area around them developed, the stately trees and rural feel remain.
According to realtor.com, the median price of a dwelling in the Homesteads is $619,000. It’s not cheap, but you get to enjoy the idyllic tree-lined neighborhood while being within easy reach of trendy bars, restaurants and culture. Combine those benefits with the history of the area and this is the place to be.
Midtown 24th Street Corridor
That name doesn’t really roll off your tongue, does it? And that bodes well for your checkbook. This little corridor is made up of a stretch of 24th Street from McDowell to Osborn roads, and hasn’t always been the avant garde foodie destination it is now.
According to Phoenix magazine, gentrification of the area picked up speed in 2016 when various unique, trendy restaurants made their homes here, including the immensely popular and always tasty northern Thai hot spot Glai Baan. Today, it also features small breweries, eclectic coffee shops and independent wine and cheese bistros.
If this sounds like heaven to you, you’ll be in the company of the younger generation. Popular with up-and-coming Gen Z folks, this nameless neighborhood is diverse and a bit more affordable than other hot spots. Keridwen Cornelius of Phoenix magazine sums it up well, “Even first-time buyers may find a new address in the verdant Green Gables or Loma Linda districts, where homes are a mix of fixer-uppers and charmingly revamped historical abodes, some brightened by colorful murals.”
Maple-Ash in Tempe
If you’re looking for the hustle and bustle of a college town combined with access to modern single family homes amid a historic vibe, the Maple-Ash neighborhood just might be the place for you.
Located just a few blocks west of Arizona State University’s Tempe campus, Maple-Ash is the oldest neighborhood left in the area. Featuring bungalows built in the 1910s nestled among newer condos and single family homes, the area boasts an eclectic mix of residents. ASU students are plentiful as are both young and more established families, demonstrating that there is indeed something for everyone here.
According to Launch Real Estate, home prices can run the gamut of less than $200,000 for a small (less than 1,000 square foot condo) all the way up to the $700s for a historic, remodeled domicile.
Your entertainment options near Maple-Ash are so varied as to be almost overwhelming. Nearby ASU and the happening Mill Avenue feature dining, dancing and culture all within an easy stroll from the ‘hood, negating the need to worry about driving and parking.
Phoenix has it all
This tiny taste of what’s happening in the Phoenix area demonstrates one thing without doubt. No matter how old you are, how much money you make or what you’re looking for in a neighborhood, you’ll be able to find your home in Phoenix.