Luxury housing market booming in Arizona

Real estate has been strong for several reasons. One is that unique, high-end homes are attracting wealthy people to the state because the pandemic has made living in the Valley more attractive to those who have the flexibility and money, according to real estate expert Mark Stapp.

Real estate has been strong for several reasons. One is that unique, high-end homes are attracting wealthy people to the state because the pandemic has made living in the Valley more attractive to those who have the flexibility and money, according to real estate expert Mark Stapp.

In this story published Dec. 1, 2020, on KJZZ Phoenix:

It's hotter on average than the overall marketplace. The housing market has been very strong for a number of reasons: the lack of inventory, the rate at which you can add new inventory. But a lot of it is driven by the fact that we have strong population growth, and the reason we have that is because we have strong employment growth.

– Mark Stapp, executive director of the Master of Real Estate Development program and Fred E. Taylor Professor in Real Estate