Tucson Housing Market Report October 2024
Tucson Housing Market Report – October 2024 TUCSON HOME PRICES DECLINED YEAR-OVER-YEAR Highlights for Tucson housing market for October 2024: the median single-family home sales price was
What is the state of the Tucson housing market doing for December 2022?
In December 2022, the median home sales price was $374,900 up 7.1% year-over-year. While the average days on market was 45 days and home inventory is up 53.9% year-over-year.
Meanwhile, closed home sales in Tucson have dropped 49.6% year-over-year.
2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before
selling their home.
New Listings decreased 34.3 percent for Single Family and 31.0 percent for Townhouse/Condo. Pending Sales decreased 32.4 percent for Single Family and 25.7 percent for Townhouse/Condo. Inventory increased 53.9 percent for Single Family and 74.2 percent for Townhouse/Condo.
Median Sales Price increased 7.1 percent to $374,900 for Single Family and 18.4 percent to $249,750 for Townhouse/Condo. Days on Market increased 87.5 percent for Single Family and 69.6 percent for Townhouse/Condo.
Months Supply of Inventory increased 91.7 percent for Single Family and 100.0 percent for Townhouse/Condo.
Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR.
Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments.
These numbers can be positive or negative depending on which side of the fence you are on… Buyer or Seller?
Below are some important charts of data to give you a visual of how the Tucson housing market is trending for December 2022.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of December 2022 were 665 single-family homes sold and 126 townhouses/condos sold.
Which was -49.6% year-over-year change for single-family homes and -33.0% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In December 2022, the average sales price in Tucson of a single-family home was $445,221 and $286,887 for townhouses/condos.
Which was a +5.60% year-over-year change for single-family homes and a +18.2% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In December 2022, the number of active listings in Tucson, Arizona for single-family homes was 2,271 and 284 for townhouses/condos.
This was a +53.9% year-over-year change for single-family homes and a +74.2% change year-over-year change for townhouse/condos as shown in the chart above.
Active listings and home inventory numbers are a key indicator to keep an eye on.
If this downward or even slight increase in inventory continues, look for the Tucson housing market to continue to be strong and home prices to move up creating a sellers’ market in Tucson, Arizona.
As home inventory levels begin to decrease there is less to chose from. So when you see a home that you like that is properly priced moving quickly is key to getting your offer accepted.
As the number of listings decreases, sellers are poised to sell their home faster and for more money. Marketing and making your home look great are the keys to selling your home FAST and for MORE MONEY.
As a seller, your home is one of three listings:
Which type of listing do you want to be?
Having a skilled real estate team is the key to saving thousands of dollars when buying or selling a home with the least amount of hassles. Put the Tyler Ford Real Estate Team powered by eXp Realty in Tucson to work for you. We would love to earn your business!
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There are tons of good reasons now is a good time to buy a home in Tucson, AZ. Give us a call about home ownership today.
Tucson Housing Market Report – October 2024 TUCSON HOME PRICES DECLINED YEAR-OVER-YEAR Highlights for Tucson housing market for October 2024: the median single-family home sales price was
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Tucson Housing Market Report – September 2024 TUCSON HOME PRICES STEADY WHILE HOME SALES DOWN Highlights for Tucson housing market for September 2024: the median single-family home