The Pheonix real estate market is the hottest in the entire country. The lack of inventory and surge of buyers has caused home values to surge and homes to sell in record time. All that being said, homes in Phoenix are still much more affordable than in other large cities. The relatively lower prices attract buyers from more expensive places like California and Washington to move into the Valley.
Many are worried that the influx of out-of-state buyers will make home values too high too quickly and eventually cause the market to crash.