Tucson Housing Market

Located just 113 miles southeast of Phoenix is the city of Tucson.  With a laid back and quiet lifestyle, people who relocate here enjoy historic neighborhoods, locally owned businesses,  restaurants, breweries and a great music scene.  Additionally, the Tucson housing market is 24% less expansive than the housing market in Phoenix.

The Tucson Association of Realtors reports that the median sales price for homes in Tucson increased to $260,000, an increase of 4% for single family homes.  Townhome prices increased 14.6% with a median sales price of $177,500.  However, similar to Phoenix, demand is high and inventory is decreasing. Which will ultimately increase home prices.

June 2020 vs June 2019 – Single Family Homes

Currently there were 1,252 new listings, compared to 1,522 in June of 2019 a difference of 17.7%.  However, there is a 31.7% increase in pending sales at 1,579 versus 1,199 in June 2019.  Additionally,  there are less homes on the market, with 1,349 listing, 48.9% lower than the 2,642 homes available in June 2019.   Despite being a sellers market, homes are sitting on the market for an average of 30 days.  Nevertheless, homes are selling for 98.4% of asking price.

Economic Recovery

In a recent report by Moody’s Analytics,  Tucson was ranked amount the top 10 cities to economically recover from the current pandemic.  Making the college town a place to eye for relocation.  If you are planning to move to Tucson and purchase a home, it would be helpful to follow a few guidelines.

  1. Find and work with a professional realtor who knows the area.  Let them know exactly what price range you are looking for.  Be sure to include information on where you will be working to take your commute into consideration.  A professional realtor will also be able to talk to you about schools, healthcare and other important aspects to consider when you purchase a home.
  2. GET PRE-APPROVED!  Going into the home buying process with a pre-approved mortgage will increase your chances of closing on your “Old Pueblo” dream home.
  3. Research, Research, Research!  Again this is where working with a professional realtor will come in handy.  They will be familiar with the area and find exactly what you are looking for in the Tucson housing market.

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