The 10 fastest-growing housing markets in Arizona

Article originally posted on AZ Big Media on October 21, 2024

For decades, Phoenix has been the poster child of housing growth in Arizona. Now it’s the suburbs and exurbs’ time to shine as people increasingly turn to less dense, more affordable communities. But what are the fastest-growing housing markets in Arizona?

Our recent study of housing trends in over 4,100 U.S. cities from 2013 to 2022 shows that suburban development is far outpacing urban growth, as once-idle communities are now brimming with new housing options.

Among the major cities in Arizona, housing inventory in Phoenix has only increased by 6%, similar to Tucson. Chandler and Mesa are in the middle of the pack with 17% and 12% growth rates, respectively. Gilbert is growing the quickest among traditional Arizona hotspots, with a 24% increase in housing inventory.

Meanwhile, the exurbs are stepping up. Here are a few key takeaways about the fastest-growing cities in Arizona:

Queen Creek in the Phoenix metro area leads Arizona’s housing expansion.

• Local housing stock grew to nearly 20,000 units in 2022, a 123% increase over the last decade.
• This housing boom is supported by a substantial population increase, the most rapid in Arizona. The area is now home to more than 64,000 people, a 128% jump from 2013.
• Queen Creek’s newfound popularity has also resulted in significant home price growth, with home values doubling over the same period.
• Meanwhile, incomes grew by 52%.
• The storage sector in Queen Creek grew by 54% during the same period, with most of the inventory built in the last decade (2010-2019).

Buckeye is marching towards its goal of becoming America’s next great city.

• The population increased by 81% over the last decade and is now home to more than 95,000 people.
• The housing inventory expanded by 72%, reaching over 30,000 completed units in 2022.
• Home prices have nearly tripled over the last decade.
• New housing demand is supported by the growing remote work trend. The number of people working from home has almost tripled, growing from 5% in 2013 to 14% in 2022.

Shifting our focus to Mohave County, New Kingman-Butler has also experienced substantial growth.

• The housing inventory grew by 67%, reaching 2,766 units in 2022.
• The last decade also marked the beginning of a multifamily housing boom, aiming to accommodate the influx of new residents. Apartment stock increased more than sixfold in New Kingman, from 55 units in 2013 to 356 in 2022.
• Despite a 49% increase in home prices, the area remains one of the most affordable in Arizona.
• Meanwhile, incomes grew by 64%.

Tucson suburbs are also entering the race for new housing.

• Valencia West and Marana have seen their housing stock increase by 48% over the last decade, with local populations also up by 41% and 47%, respectively.