Metro Phoenix Is Top Area To Buy For LA, Seattle and Denver Homebuyers!

Earlier this year, we've noted that certain changes to tax laws might affect more of those homebuyers in expensive housing markets, especially along the coasts. This might prompt the said homebuyers to look into moving to lower tax states like Arizona.

Just three months into the year and a study by national real estate firm Redfin reported Phoenix- for the first time- topping its list of areas predicted to attract the most number of prospective home shoppers to relocate from other cities. Almost 34 percent of potential Valley homebuyers are from outside the area, notably Los Angeles, Seattle and Denver. This is an almost 50 percent increase when compared to the previous year.

Despite rising home prices, Metropolitan Phoenix continues to be more attractive for out-of-state homebuyers living in pricier markets. Home prices and sales have gone down for Los Angeles but a typical LA house was at $550,000 during the first three months of the year. On the other hand, Seattle and Denver were at $485,000 and $442,000 respectively to compare against metro Phoenix's median price of $261,000 during the first quarter.

Arizona's population topped the 7 million population mark in the past year for the first time. With an expected influx of new resident coming from out of state, it looks like Arizona's population will continue to grow.

 
Source:
azcentral.com