Welcome back. Arizona’s housing market has seen a decade of transformation. And it’s an opportune moment to reflect on these changes. We came across some fascinating statistics that comprehensively examine the state’s housing trends from 2010 to 2020. Curious to find out how Arizona compares to the rest of the nation? If so, you’ll enjoy the below info. All broken down in an easy-to-read format. The WLH way.
If you’re interested in housing growth:
The growth in Arizona far outstripped the national average, which stood at a 6.7% increase in housing units over the same period. Five counties, unfortunately, saw a decline in housing units, including La Paz and Apache counties.
Homeownership is another intriguing dimension of the housing market:
Over the decade, while homeownership declined nationally, Pinal and Yavapai counties saw significant boosts. Conversely, La Paz and Greenlee counties had the most notable decreases.
Renting versus owning is an ongoing debate, and here’s how Arizona stacks up:
Interestingly, in five Arizona counties, including Apache and La Paz, the number of homes owned outright surpassed those with mortgages.
In regards to Arizona vacancy trends:
The reasons for these vacant units vary from being up for sale or rent to seasonal use. Notably, more than half of the vacant units in several counties like La Paz and Navajo were for seasonal, recreational, or occasional use.
Understanding the purpose of vacant homes can give us added insights into the housing market’s intricacies.
Seasonal housing holds a considerable share of the vacant units. Especially in La Paz, a staggering 81.2% of vacant houses were marked for seasonal use.
This decade-long snapshot of the Arizona real estate market offers invaluable data. The Greater Phoenix area, including Scottsdale, Paradise Valley, and surrounding areas, continues to evolve. Keep an eye on LUXE BLOG for more exciting updates. We post VERY often. See you next time.