Phoenix is still growing faster than most of the country, even if the pace cooled a bit in 2025.
Key takeaways:
- The Phoenix-Mesa-Chandler metro added 59,065 residents in 2025.
- Total metro population reached 5,228,938.
- Phoenix posted 1.14% population growth in 2025.
- That was down from 1.62% the year before.
- Even with the slowdown, Phoenix still had the fourth-highest raw population gain in the country.
- Only Dallas and Houston posted faster growth rates among larger metros with bigger populations than Phoenix.
- Phoenix remains the 10th most populous metro in the U.S.
What changed?
- The biggest reason for slower growth was a sharp drop in international migration.
- International migration into Phoenix fell by more than 50% compared to 2024.
- Even so, international migration still exceeded domestic migration in 2025.
- Domestic migration into the Valley actually increased slightly.
Other growth drivers:
- Births continued to outpace deaths in the metro.
- Since 2020, the Valley has added 377,643 residents.
- That works out to 7.25% cumulative population growth over five years.
Why this matters for Arizona real estate investors:
- Population growth is still a long-term tailwind for housing demand in the Valley.
- More people means continued pressure on both the for-sale and rental markets.
- Even if growth is cooling, Phoenix is still outperforming much of the country.
- Investors should pay attention to where future demand shows up most: workforce housing, single-family rentals, and suburban growth corridors.
Investor angle:
- Slower growth is not the same as no growth.
- Phoenix is still attracting people at a pace most metros would love to have.
- In a market like Maricopa or Pinal County, sustained population growth continues to support long-term housing demand.
- The real question is whether housing supply can keep up without more barriers to development.