The 2008 housing crisis had a massively significant impact on Arizona. The state experienced one of the highest foreclosure rates in the country, as the housing market collapsed and home values plummeted. Many homeowners faced foreclosure, leading to a decline in property values, an increase in unemployment, and a slowdown in the overall economy. The crisis exposed the risks of speculative real estate practices and it had long-lasting effects on the housing and land markets financial stability in Arizona.
If you remember this crisis it was quite devastating on the real estate market. Arizona was another story, I remember nice condos in the $250k range going for $70k after the crisis. I even saw a fourplex for sale at $30k which is absolutely wild. So overall, for a growing area at that time is wiped it out. Arizona was just becoming a hot spot at that time, there were so many new construction projects left worthless and bankrupt. But what about Arizona land, how come you can get land as low as $2k-$3k or so.
One of the biggest reasons for cheap land in Arizona is the foreclosure process in Arizona. There were so many developers in the pre-construction phase and these properties can take up to 10 years for their release to the public from the counties. Hundreds of parceled lots went to the county for unpaid taxes.
They had parceled out large acreage, put in street plans, golf course plans and modeled and sold these pre-construction lots to unsuspecting buyers. They also still held a big portion themselves still, which went to the county post bankruptcy. And their buyers, who paid $50k+ to get these parcels thinking this beautiful area would be built around left them with land not worth their time or dreams anymore.
Once the market was better, around 2018 to Current, they released them in troves to buyers. Lots once valued in the high end were sold for very low amounts and the land market in Arizona became oversaturated for a while with cheap properties. Now what we are seeing in Arizona is way more ownership and holdings, with less land being released.
Some Arizona properties we sold in the $3k-$5k range are valued upwards of $30k in just a few years. We are seeing values rise faster in certain counties, while other ones are still releasing the last of their large development properties that failed during the crisis.
No, they won’t have the big golf course or pool, but they also won’t have HOA dues which most people like. So the area will develop a bit slower, but become a more long term value solution as HOA’s can keep raw land prices down.
If you are not familar with the 2008 housing crisis you can read more about it here: Subprime mortgage crisis
Back in the day living off-grid was pretty hard, you had to be very detached from society and a lot of Arizona land is still off-grid. Now, you have massive communities living off the grid, and they are living life just like the rest of us. With advancements in solar, satellite internet, cell phone coverage, water delivery options and even Amazon delivery we are living in a different world.
It’s taking time for people to realize this, but those that are are buying Arizona land and building comfortable small home or even great air-stream RV living situations, mortgage free. So while you can still get Arizona land pretty cheap, there is no doubt that it’s popular and growing in price value.
Counties are also taking advantage of this value, increasing assed values which then increases their tax income. This is giving counties the funds to expand infrastructure like roads, power lines and city water. This will only further growth in value of sales and allow them to increase assessed values and raise property taxes even more. The point is, these prices in Arizona are already going up and the affordable properties are becoming less and less till you go way remote, like miles and miles from the nearest city.
The Arizona land market has been growing in popularity in recent years by leaps and bounds. The state’s warm climate, natural beauty, and diverse range of attractions make it an attractive destination for both residents and investors. Cities like Phoenix, Scottsdale, and Tucson have experienced significant population growth too, driving demand for housing.
Additionally, Arizona offers favorable tax policies, a lower cost of living compared to some other states, and a thriving job market, further contributing to its real estate market’s popularity. More people are also warming up to off grid options, using Airbnb to make income for Arizona snow bird vacationers and more. The outlook is still good, but it’s not as cheap as it was a few years ago. Finding deals in Arizona is still possible, but for how long is the question.
As of lately and updating this article in 2025 some of the Arizona land we sold has 5x to even 15x its value. That’s correct, one of our best was land we sold for $2k and the prices of the lots are sellabl
e in the $30k range. We offer great pricing often below market value to our customers on payment plans. Just about all of our customers made out big as inflation really drove up land values. One of our properties we sold for around $7k and it was resold above $100k after the customer added roads to the land. It was in a beautiful area, but sometimes land needs some work to get that value.
If your interested in buying land, we still have some great deals. As of lately, we can’t even find land at the price we are selling it for anymore. So once our cheaper lots sell, we won’t be listing at these levels unless a correction of some sort happens. Most likely the last of our low deal Arizona properties can be seen here, starting at just $3,200.
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