Trends That May Affect Scottsdale Real Estate in 2022
There are over 155,000 houses in Scottsdale, and the city’s real estate is on a roll, partly because of the many profitable properties. Tourism is Scottsdale’s largest employer, accounting for 39% of the city’s workforce. It is estimated that Scottsdale attracted over 7.5 million visitors in 2005, generating over $3.1 billion in economic activity. Scottsdale real estate prices have been rising steadily since about 2005. Although it has been predicted that this trend may slow down as the world approaches 2022, some factors can still affect the Scottsdale real estate market.
This city has many beneficial properties that draw investors who want to buy them at sale prices. New homes are also being built in the city, which is an option for people who need quality houses or apartments at affordable rates. Here are the factors that may affect the prices in the coming years:
Housing and Population Development in the Area
The city’s housing and population growth rate for 2016 is 3.9 percent. If this rate continues, by 2021, there will be lots of new housing developments and people who will look for homes they can rent or buy. This fact means that the real estate market in Scottsdale can stay on the roll, at least for another four years.
Kirkland Air Force Base Closure
Scottsdale has many significant military bases: the Kirkland Air Force Base. About 5,000 people work and train in this base, and it also hosts an annual air show every year.
In 2022, the air show will be held for the last time. The base is also closing down and relocating its troops to another area. This will consequently make more area available to be inhabited by people interested in the locality. With this new development, the Scottsdale real estate market can expect high traffic during this period because people may want to move to the area or rent homes there.
Addition of New Businesses
There are several businesses that call Scottsdale their home. Adding to this, many corporations are planning to open new offices in the area. It is predicted that by 2021, more than 290 companies will be located in Scottsdale.
As a result of this, one can expect an increase in population as well as an increase in the number of homes needed to accommodate the new crowd in the city.
Technology-Related Businesses
Scottsdale is already home to many thriving businesses, but some technology companies have plans that may affect the Scottsdale real estate market. These companies attract people every year. For instance, Amazon has recently opened its first Amazon Air Hub at the airport. With this, one can expect more workers to be looking for homes in the area in the future.
Final Words
As seen, many factors will significantly affect the Scottsdale real estate market in the next few years. However, based on current statistics and projections, it is clear that the city has a lot of growth potential even though some factors can make real estate prices go down. So, if you are looking to make an investment in Scottsdale property, now would be a good time to do it.
