Tucson AZ Real Estate - Tucson AZ Homes For Sale | Zillow (2024)

FAQs

Are Tucson home prices dropping? ›

The list price of homes in Tucson has decreased by 3.8% since June. Summary: The median home list price in Tucson was $384,599 in July 2024, down 3.8% from the previous month, and the median price per square foot was $232.

Sale-to-list price ratio: 95.42% Tucson, AZ is a buyer's market in July 2024, which means that the supply of homes is greater than the demand for homes.

If you love delicious food, fun outdoor activities, and rich cultures and are looking for a great place to live, Tucson is one of the best options to consider. Many homebuyers and real estate investors believe the city is ideal for buying properties and moving there or starting a rental business.

And here we go! The January 2024 Tucson Housing Market Pulse shows the Median sales price for increased 8.0% from January 2023 and stands at $352,500. As for the average sales price, it increased 5.5% over January 2023. Remember, that's for all homes sold - Single-family, condos/townhomes and manufactured homes.

In recent years, the population of Tucson/Pima County increased while the creation of new housing has slowed since the 2007-2009 housing market crash. Increasing demand for housing, in the context of limited supply, is pushing up both housing prices and rental costs.

Old Tucson Studios is officially getting a new operator after the Pima County Board of Supervisors voted unanimously Tuesday to approve a contract with American Heritage Railways to take over operations.

Finances and Getting Pre-qualified for a Mortgage:

In Tucson, the average down payment typically ranges from 3% to 20% of the home's purchase price, depending on the type of mortgage loan you choose.

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.

Is Tucson a good place for seniors to live? ›

Tucson: Tucson is another popular retirement destination in Arizona, known for its mild winters, beautiful scenery, and rich cultural heritage. Retirees can enjoy outdoor activities such as hiking, golfing, and biking, as well as a vibrant downtown area with museums, galleries, and restaurants.

Housing inventory and market conditions

In recent years, the city has experienced a shortage of homes for sale, leading to increased competition among buyers and rising prices. For example, every month from May 2021 to July 2022, Tucson homes spent an average of fewer than 10 days on the market.

The Tucson Metropolitan Statistical Area (MSA) had a rate of 473.5 violent crimes per 100,000 residents in 2020. That was slightly fewer violent crimes per 100,000 residents than the state total of 484.8. Arizona had the second-highest rate of violent crimes per capita when compared to the western states.

Tucson's weather temperatures are cooler year-round while house costs are less by double digits. Furthermore, the cost of living is less expensive in Tucson VS in Phoenix. While there will be more job opportunities in Phoenix, Arizona. Another huge thing to consider is the traffic in Tucson VS Phoenix.

In general, housing market predictions for Arizona are positive, with many analysts predicting continued growth for the market. Major cities and metropolitan areas like Phoenix will likely continue to see year-over-year growth.

Home prices will continue to increase in Arizona.

The data indicates that there will be a steady growth in home prices, which aligns with the overall health of the housing market. Here are some of the up-and-coming neighborhoods in Arizona real estate to watch in 2024 and beyond.

The share of homes sold in Tucson during 2023 that were affordable to a family earning the median income was 38.2%. That was 8.8 percentage points lower than in 2022 and a decline of 26.3 percentage points from 2021. Tucson fell below the U.S. for the first time in 15 years.