Rent growth and home value increases are buzzing in Phoenix.
According to Zillow’s July real estate market report, Phoenix leads the country in annual rent growth at 23.1%, and clocks in second in home value growth with 29.8%, after Austin, Texas rings in at 41.5%.
Fast-appreciating rents have continued on a strong trajectory and pushed beyond where they were projected to have been irregardless of the pandemic, according to the report.
And while U.S. home value appreciation again broke records in July, there are signs of a re-balancing in the for-sale market to come, with inventory rising for the third consecutive month and home value appreciation slowing in almost half of the nation’s largest markets indicating signs of a market cooldown.
Key Phoenix Housing Market Stats
• Inventory is up 1.6% from June, but still down 18.8% compared to last July
• Typical home values are $390,733, up 3.4% month over month and up 29.8% year over year
• Typical rents are $1,746, up 23.1% year over year
• The share of listings with a price cut was 10% in July, up 2.1% from June
Read the full report here.