COVID-19 is accelerating suburban growth in places like Sterling Grove, a 780-acre master-planned neighborhood, west of Loop 303 in Surprise, that offers homeowners access to a private country club and 18-hole Jack Nicklaus-designed golf course.
What to expect from West Valley real estate in 2022
The West Valley is one of the fastest-growing areas in Arizona, seeing 24% growth in residents compared to Maricopa County’s also significant 16%. In addition to more restaurants, shopping and West Valley real estate and housing options, many businesses are now looking at the West Valley for commercial, industrial and healthcare development.
Some examples include a Taiwan Semiconductor Manufacturing Company site and a new Phoenix Children’s Hospital in Glendale. The hospital alone will bring over 400 jobs, and with them, more residents.
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The area currently has 1.7 million residents, and that number is projected to grow to 2.1 million by 2030 – less than a decade from now.
The good news is, there’s still plenty of room for continued expansion. It’s even estimated that 40% of the growth taking place in the Valley will be in the West Valley, by 2030. The West Valley also has great infrastructure and is connected to the rest of Arizona with the Loop 303 freeway and the Loop 202 freeway.
So, what does this mean for the housing market? While the West Valley offers space for more residential real estate, potential home buyers will continue to see a competitive market in 2022. As we head into the new year, we are seeing homes receive multiple offers – even during the holiday season, which is traditionally quieter.
In Peoria, where RE/MAX Fine Properties opened a new office last year, the market action index – which offers a glimpse at market conditions based on the rate of sale versus current industry – increased, even from November of 2021 to December.
The median list price has also sharply increased over the last year – from approximately $402,000 in December of 2020 to $550,000 today.
It’s exciting to see this incredible growth in Arizona, and while it’s a seller’s market – it’s still a great time to consider a move to the West Valley while we see more residential properties being built, as well as more entertainment, shopping destinations and restaurants.
Melissa Dierks is a partner, branch manager for the Peoria office, and West Valley director of operations. She recently received her Lifetime Achievement Award with RE/MAX. Her team has won several rewards with RE/MAX International including the RE/MAX Hall of Fame and 100% & Platinum Club levels. Prior to her role at RE/MAX, she spent 20 years in the financial services industry as a senior business analyst.