Phoenix has regained its status as one of the hottest real estate markets in the U.S., according to a recent Urban Land Institute study. It was ranked the second top market to watch for overall real estate prospects in 2024, behind Nashville and just above Dallas-Fort Worth. The city’s growth is attributed to factors such as its favorable climate, pro-business environment, and major investments from companies like Intel and Taiwan Semiconductor Manufacturing Co. Despite a slowdown in the industrial sector post-COVID-19, Phoenix’s retail market is thriving, with record-low vacancies. Environmental concerns like heat waves and water shortages have not deterred growth in the region.