Phoenix is already in recovery mode, and a new report from Avison Young predicts a full recovery by the end of the year. Strong fundamentals—including job growth, population growth and affordability—are expediting the recovery and highlighting the market's newfound resiliency.

"This downturn is not like others as it wasn't a crash in real estate due to overbuilding or bad loans," Mark Seale, principal and director of brokerage services at Avison Young, tells GlobeSt.com. "Phoenix is still one of the top markets in nation for job and population growth, affordable land, and housing. These fundamentals are making Phoenix resilient."

These fundamentals aren't new. Phoenix was already a top growth market before the pandemic, but the pandemic has accelerated the trend. "The strong market fundamentals and momentum happening prior to 2020 is continuing in the greater Phoenix region," says Seale. "The population inflows here are tremendous despite the pandemic. We continue to have an influx of people choosing to relocate to Arizona, which will positively affect all sectors including retail and construction."