Q2 2023 Tucson Market Report

What Sold in Second Quarter 2023 (Looking Back):

* Median Sales Price rose $40k to $427,000

* 4374 Homes Sold- up 22% over Q1

* 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)

* Median Sales Price $400,000

* Current Listings 2483

* Days on Market 41 days

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?

Since January 1 this year, we have seen a modest rise in the number of homes sold in the Tucson market as well as the average sales price of those homes- most recently at $427k. During the same period we have seen the number of days to sell the average home in Tucson trim by 10 days to about 40.

The shorter term view: looking at what is currently available to purchase in Tucson is slightly different in that the number of homes available continues to rise while median price has fallen to just over $400k.

* Data through June 2023. Data includes all home types in Pima County only, 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.