The U. S Census Bureau lists the Phoenix Metropolitan area as the fastest- growing city in the country and remains the fifth most populous city in the nation. With all of this growth, comes a demand for housing. Alan Anderson, president and co-founder, Brenda Southard of Arlington Custom Builders, have been tracking where the most popular areas of home remodeling projects occurred in the Valley throughout 2019. With the company’s over 30 years in the Valley, they have seen huge growth in both new construction and remodeling projects.
This year, home remodeling is projected to be well over a $450 billion industry. “Many factors have contributed to this growth in the Valley, including aging housing stock, an aging population and surging home equity. In addition, the lean pace of new-home building and lack of available land has also contributed,” says Anderson. Also, television shows on HGTV and other home improvement websites have contributed to the popularity of projects.
Interestingly, on a national level in 2020, the demand for residential remodeling spending is expected to stay strong in the Valley, but in other areas of the country that growth is expected to slow down considerably by the middle of next year, according to the Leading Indicator of Remodeling Activity (LIRA).
With the housing market strong and the lack of new land in the urban areas of the Valley, the following are the top 5 areas with the most home remodeling projects this past year:
• Arcadia: Always a trending area with a centralized location, large lots, older homes and close to central Phoenix;
• Arcadia Lite: Great location and homes have a lower price point in this area;
• Paradise Valley: High-end homes, great location, large lots and scenic area;
• North Phoenix/Desert Ridge/Tatum Ranch: Close to major highways, homes are moving towards 20+ years old, many in need of remodeling;
• North Scottdale/Pinnacle Peak/Pima: Homes in this area are now 20+ years old. Updating and remodeling is occurring to keep up with current builds just north of this area.
It makes sense that the areas above are on the list. They are all in very desirable locations and are surrounded by great schools, restaurants and amenities. “I continue to get home remodeling inquiries from these areas every day and I don’t see it slowing down anytime soon, said Anderson.