Market Overview

Looking for a Home? Shop Around in Phoenix's Real Estate Market


Phoenix’s real estate market is on an upswing, with much of the growth happening in its luxury real estate sector, according to a report on CNBC.

In an exclusive interview with the CNBC, Phoenix-based broker Gene Urban of The Urban Team noted he was excited about the stability the Phoenix real estate market has shown recently.

Zillow median sales prices for Phoenix properties stood at $181,765 in May. On average, home listings spend 97 days on the market, data from the Arizona Regional Multiple Listing Service showed, according to the CNBC report.

An earlier joint research conducted by Pricewaterhouse Coopers and Urban Land Institute found that real estate industry insiders and investors see Arizona’s capital as a great place to invest this year.

The research, Emerging Trends in 2014, saw Phoenix climbing up eight spots to number 25 in top markets to watch. Outlook for development and homebuilding particularly helped propel Phoenix’s rank.

“Survey respondents see Phoenix office as a “buy” in 2014. They tend to see next year as a good time to hold apartment, industrial and hotel properties,” the research added.

Phoenix topped the list of states in the country in terms of entrepreneurial activity, according to a Business Insider report sponsored by the Arizona Commerce Authority.

The report added that in 2012, the TechAmerica Foundation found that 55 out of 1,000 private-sector employees worked for a tech company.   

Phoenix rise as a tech hub is no surprise considering the amount of support its government and organizations extends to tech startups and firms in the state.

Industry Insider cited the Arizona Innovation Challenge, which grants $3 million to promising startups, and the Venture Ready mentorship program, as two examples of enterprise programs that assists promising startups and entrepreneurs grow their endeavors.  

Agents residing in the greater Phoenix area can take advantage of the uptrend by building their visibility in the market via is a disruptive technology developed by Fort Lauderdale, Florida company RealBiz Media Group, Inc. (OTCQB: RBIZ). is a video-centric consumer site for real estate agents and brokers that serves home to 1.6 million listings. It features a video marketing platform called Nestbuilder Agent where agents can create virtual tours of their property listings, an online video profile, and informative how-tos, or home improvement or home buying videos that they can use to build their authority in the industry.   

Over 350,000 agents have signed up for an account on since it went live this year. 

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.


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