The Current Tucson Real Estate Market

Current State of Tucson Real Estate - Stats

The Tucson housing market is somewhat competitive. Homes in Tucson receive 2 offers on average and sell in around 51 days. The median sale price of a home in Tucson was $336K last month, up 8.2% since last year. The median sale price per square foot in Tucson is $223K up 10.4% since last year.

In March 2024, Tucson home prices were up 8.2% compared to last year, selling for a median price of $336K. On average, homes in Tucson sell after 51 days on the market compared to 57 days last year. There were 564 homes sold in March this year, down from 654 last year.

Some homes get multiple offers, but the average home sells for about 2% below the list price and goes pending in around 51 days. Hot homes, on the other hand, can sell for around the list price and go pending in around 30 days.

Across the nation, 0.57% of homebuyers searched to move into Tucson from outside metros. Los Angeles homebuyers searched to move into Tucson more than any other metro followed by Seattle and San Francisco.

62% of Tucson homebuyers searched to stay within the Tucson metropolitan area. Show Low was the most popular destination among Tucson homebuyers followed by Prescott Valley and Flagstaff.

In recent years, the Tucson, AZ, real estate market has seen steady appreciation in home prices, fueled by strong demand and limited inventory. According to recent data, the median sales price peaked in June each of the past two years (2022 and 2023).

Sale-to-list price ratios show a healthy 99.22% Homes in Tucson, AZ sold for approximately the asking price on average in March 2024. Tucson, AZ is a seller’s market in March 2024, which means that there are more people looking to buy than there are homes available. Sale-to-list price ratio: 99.19% Homes in Tucson, AZ sold for approximately the asking price on average in April 2024.

The months from March to June are the best time to buy a house in Arizona. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

The list price of homes in Tucson has decreased by 0.5% since March 2024..In summary, the median home list price in Tucson was $398,699 in April 2024, down 0.5% from the previous month, and the median price per square foot was $235.

On average, homes in Tucson sell after 51 days on the market compared to 57 days last year. There were 564 homes sold in March this year, down from 654 last year. Based on Redfin calculations of home data from MLS and/or public records.

For Housing Investors,.Tucson is the best market for real estate investors in Arizona according to an online real estate company. The Old Pueblo, where home prices have tumbled to levels not seen since the early 2000s, topped Realtor.com's top 10 list of investment towns.

When considering whether to purchase a home in Tucson or Phoenix, note that the cost of living is 13% more expensive to live in Phoenix than to live in Tucson. Tucson ranks as the major Arizona city with the lowest salary needed for someone to live comfortably. It takes an hourly wage of $40.24, or an annual salary of $83,699 for a single adult to sustain comfortable living standards. For a household of four, it takes about $215,000.

As of early May 2024 there are 1387 homes for sale in Tucson, Pima County, with a median price of $398699, which is a decrease of 0.5% since last month. In any real estate endeavor, finding a realtor you trust and pre-qualifying for your mortgage is critical.

Put my 20+ years of real estate experience to work for you! Please don't hesitate to contact me at any time to discuss real estate. Thank you!

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