Phoenix topped the nation as one of the hottest markets to watch in real estate for 2023, according to aThe Phoenix metro ranked ninth in the nation and is considered a"magnet market" and"super" Sun Belt region along with other markets including Atlanta, Dallas/Fort Worth, Houston, Miami, San Antonio and Tampa/St. Petersburg. The metroin recent years and attracted additional investors, development and businesses looking to expand or move to the region across all sectors.
This year's ranking is lower than Phoenix's third highest in the U.S. last year, but the metro area still ranked in the top 14 markets in the nation for 2023. The ULI report found that more than half of the 20-highest rated markets in last year's survey fell in rankings due to"normalizing," or certain aspects of real estate returning to pre-pandemic patterns.
"Companies come here for the business-friendly environment, they know the demographics are high-growth, which is also in their favor and it's affordable, but at the end of the day, they'll go to a more expensive market or one that's not quite as business friendly if they can get the people that makes their companies thrive," he said.