Q4 2023 Tucson Market Report

What Sold in 2023 (Looking Back):

* Average Sales Price rose $38k to $428,000 from $390,000

* 13936 Homes Sold- down 21% from 2022

* Average Days on Market 41 days

Quarterly data is a view of what sold during the past quarter- This is a “rear view” trend

What’s available today (Looking Forward) Updated 3/1/2024

* Median Sales Price $409,900, up $13k from $397k at end of 2023

* Current Listings 3623, up from 3532 at end of 2023

* Days on Market 42 days, down from 57 at end of 2023

Quarterly data is a view of what is available to purchase today- This is a “forward view” trend

the 30 Thousand foot picture:

What does it mean for the local market?

Real Estate in Tucson is always intriguing as the market lags other metros significantly and is less impacted by economic fluctuations. Where other areas of the country are still feeling massive pain from lack of available inventory and the higher prices that has driven, Tucson’s numbers are not as dramatic. Inventory continues to increase and is now higher than in the past 2 years, while median price has remained relatively flat.

Looking ahead into 2024, most real estate professionals and industry analysts are predicting a slightly stronger market as mortgage interest rates continue to drop and the overall economy continues to improve. Holding the market back is the rate lock-in effect that is expected to keep many existing homeowners from making a move. But first-time home buyers have been a dominant factor and will continue to be important in the Tucson market. 

* Data through December 2023. Data includes all home types in MLS of Sothern Arizona, all price ranges

Asia and I track numerous data points that are great indicators of what’s happening in the Tucson market.  This enables us to stay in front of local trends and guide our clients through what can be turbulent waters. We also connect with several industry experts who provide unique analysis of the broader national housing market as it is important to understand where Tucson fits into the overall landscape.