The Metro Phoenix Light Rail System is a relatively new piece of infrastructure that has had a profound impact on the real estate market along its 20-mile path. From its beginning in east Mesa to its terminal in north central Phoenix, the light rail has spurred numerous new developments, both residential and commercial in nature. And while Phoenix has long been a car-centric city, shifting demographics, the new projects built in response and the timing of the light rail’s construction are well positioned to change that and make Phoenix far more in line with other urban areas around the country. Young people flocking to college campuses in all three of the cities connected by the light rail, as well as workers commuting to offices at law offices and tech companies filling the same area mean that demand for public transportation and the popularity of the light rail are soaring. And, by extension, the competition for Phoenix real estate near the light rail is hotter than ever before. Since 2014, property values near the light rail have been increasing in value faster even than the surrounding Phoenix real estate market. [Read more…]
According to a recent report from Realtor.com, the metro Phoenix real estate market is one of the “10 hottest housing markets to watch in 2015.” It’s no secret that the Great Recession hit Arizona hard; however, we’ve also bounced back. While the Phoenix market has yet to fully recover, it is absolutely well on its way to becoming a profitable housing market for both buyers and sellers this year.