Phoenix was ranked just behind Philidelphia as the 6th largest city. But as of last Thursday, the U.S. Census Bureau officially named Phoenix the U.S’s 5th largest city with a total population of 1,615,017.
Phoenix is also the quickest growing city in the entire country and it’s little wonder why we are adding an average of 88 people a day. As if this wasn’t enough, Maricopa County is the largest growing County in the U.S. as well.
Mayor Greg Stanton told AZ Central “It’s a positive thing, people are voting with their feet and coming to Phoenix,”
Overall, New York has the highest population among all cities in the U.S. with 8,537,673. Los Angeles is second (3,976,322), Chicago is third (2,704,958) and Houston is fourth (2,303,482).
Phoenix beat Philly (1,567,872) by less than 100,000 people.
For Real Estate, this means our current inventory will remain low for at least the next 2 years, which means median home prices will be going up in value and Time on Market will stay low as prospective homeowners compete over properties being sold.