For many years, Phoenix has been recognized as the leading hub for housing development in Arizona. However, the spotlight is now shifting to its surrounding suburbs and exurban areas, as more individuals seek out less densely populated and more affordable living options. This raises the question: which housing markets in Arizona are experiencing the most rapid growth?
A recent analysis of housing trends across more than 4,100 U.S. cities from 2013 to 2022 reveals a significant shift towards suburban development, outpacing growth in urban centers. Previously stagnant communities are now bustling with new housing opportunities.
In terms of major cities, Phoenix has seen a modest housing inventory increase of just 6%, a figure mirrored in Tucson. Meanwhile, Chandler and Mesa reported more moderate growth rates of 17% and 12%, respectively. Notably, Gilbert has emerged as a standout, boasting a remarkable 24% surge in housing inventory.
The exurban regions are also making their mark. Here are some key insights regarding Arizona’s fastest-growing cities:
Queen Creek Takes the Lead
Leading the housing expansion in Arizona is Queen Creek, located within the Phoenix metropolitan area. The local housing stock surged to nearly 20,000 units in 2022, marking an impressive 123% increase over the past decade. This rapid growth is fueled by a significant population boom; Queen Creek’s population has soared by 128% since 2013, now exceeding 64,000 residents. Consequently, home values have doubled in this period, while household incomes have risen by 52%. The storage sector has similarly thrived, expanding by 54% over the last decade, with most new inventory constructed between 2010 and 2019.
Buckeye’s Aspirations
Buckeye is on a trajectory to become one of America’s next major cities. Over the past decade, its population has grown by 81%, bringing the total to more than 95,000 residents. The housing inventory expanded by 72%, surpassing 30,000 completed units in 2022. Remarkably, home prices have nearly tripled during this time. The surge in housing demand is largely driven by the increasing trend of remote work, with the percentage of individuals working from home nearly tripling from 5% in 2013 to 14% in 2022.
New Kingman-Butler’s Rapid Development
In Mohave County, New Kingman-Butler has witnessed substantial growth as well. The housing inventory increased by 67%, reaching 2,766 units in 2022. This past decade has also seen the initiation of a multifamily housing boom to accommodate the influx of new residents, with the number of apartments soaring from 55 units in 2013 to 356 in 2022. Despite a 49% rise in home prices, New Kingman-Butler remains one of the more affordable regions in Arizona, with incomes climbing by 64%.
Tucson’s Suburban Surge
The suburbs of Tucson are also joining the race for new housing developments. Valencia West and Marana have experienced a housing stock increase of 48% over the past decade, with their local populations rising by 41% and 47%, respectively.
As Arizona’s housing landscape continues to evolve, these fast-growing markets reflect a broader trend of migration toward suburban and exurban living, fueled by affordability and lifestyle preferences.
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