Housing Trends in Alhambra, Phoenix Alhambra is one of the last remaining buyer's markets in the Phoenix metro area. While many other neighborhoods have become seller's markets, Alhambra remains an attractive option due to all the of the urban development. Multiple home developers saw the opportunity for developing Alhambra and took it. Now, there are high quality, yet affordable, homes found throughout the neighborhood. Anyone looking for a home that will grow in value should investigate Alhambra.