Here’s the outlook for land and housing in 2021
by Peter Madrid | AZBigMedia
While many industry sectors across Arizona and the U.S. have taken devastating hits during the prolonged COVID-19 pandemic, the state’s land market and housing market have shown incredible resiliency and more impressively, growth.
The 2021 Phoenix MSA population estimate is 5 million over the next two decades. A whopping 1.765 million new residents will require a total of 630,000 single family and multifamily housing units. The Phoenix MSA transaction volume for land of all types in 2020 was $3.62 billion. On the housing side, COVID-fueled suburban migration benefitted single-family demand, and single-family permits rose 17%.
COVID-19 in 2020 created numerous changes, forcing consumers to adapt to a new normal. We’re watching movies via streaming. Restaurant service is takeout and delivery. Personal trainers are on our screens. Consumers have embraced new shopping behaviors. How much of it will stick? That was the question as Scottsdale-based Land Advisors Organization held its annual Metro Phoenix Land and Housing Forecast – this year as a virtual event with more than 800 participants.
