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

FAQs

Are Tucson home prices dropping? ›

Tucson Housing Market Trends

In July 2024, Tucson home prices were up 2.8% compared to last year, selling for a median price of $326K. On average, homes in Tucson sell after 55 days on the market compared to 42 days last year. There were 510 homes sold in July this year, up from 423 last year.

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.

Meanwhile, today's home prices are nearly double what they were 10 years ago, and the lack of supply is keeping those prices high. “There is more demand than supply, economics 101,” said land broker Will White, who runs the Tucson office of Land Advisors Organization.

Many homebuyers and real estate investors believe the city is ideal for buying properties and moving there or starting a rental business. Besides multiple real estate opportunities, Tucson also offers a robust job market, abundant sunshine, and many desert attractions that locals and tourists alike love.

Extreme Summer Heat:

Tucson's desert climate means summers can be brutally hot, with temperatures soaring above 100°F (37°C) for months. While our luxury apartments keep you cool indoors, it's essential to prepare for the scorching heat outside.

The lack of housing supply in Pima County is exacerbated by the slow pace of new housing construction. From 2010 to 2019, only 18,568 units were built in Pima County, which did not resolve the lack of available and affordable housing or keep up with population growth.

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.

Tucson is one of the top five places in the country to retire.

Pie Allen

With a median home price of $310,210 and a median rent of $823, Pie Allen is the most expensive neighborhood on our list. Based on the growth in home prices in Pie Allen over the last 3 years, it ranks No. 1 among all the neighborhoods in Tucson.

"Essentially, the expansive and hard soils in the Valley do create challenges for basem*nts to be easily built, and that can often make them expensive," said Jacque Petroulakis, a spokesperson for PulteGroup. So basically, builders don't want to spend the extra time and money.

What is a good income in Tucson? ›

Top Salary in Tucson, AZ. $56,700 is the 25th percentile. Salaries below this are outliers. $99,700 is the 75th percentile.

You can expect your property tax rate to be around $13.92 to $16.09 per $100 of assessed value, but you'll want to review your tax bill through the Pima County Treasurer's Office for an exact total. On average, the total Pima County taxes are $13.81 per $100 assessed value.

The Tucson housing market continues to show signs of elasticity with predictions from Norada Real Estate anticipating minimal fluctuations in the short term, with a -0.1% decrease expected by February 29, 2024, followed by a 0.2% rise by April 30, 2024, before experiencing a forecasted 4.8% upswing by January 31, 2025.

Arizona Housing Market Overview

In July 2024, home prices in Arizona were up 1.9% compared to last year, selling for a median price. On average, the number of homes sold was up 4.1% year over year and there were 8,135 homes sold in July this year, up 7,811 homes sold in July last year.

However, the average months of supply remains stable at three months, suggesting a consistent level of housing inventory relative to demand. Experts predict continued growth in home prices throughout 2024, reflecting overall market health.

The overall median home price in Arizona has grown almost 7% in the past year. However, as in many states, many residents of Arizona are facing a housing crisis. High interest rates and home prices have priced out many Arizonans who would otherwise be in the buying market.

Tucson, Arizona is a vibrant and bustling city known for its warm weather, stunning natural beauty, and rich cultural heritage. With a thriving arts scene, diverse food options, and an abundance of outdoor recreation opportunities, there are many reasons to love this desert city.