Q2 2024 Tucson Market Report

What happened in Jan/Feb/March 2024 (Looking Back):

* Average Sales Price rose 12% to $443,000 from $390,000

* 3672 Homes Sold- up 11% from Q4 2023

* Average Days on Market 45 days

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

What’s available today (Looking Forward) as of 4/1/2024

* Median Sales Price $401,000, down 2% since beginning of 2024

* Current Listings 3619, up 5% since beginning of 2024

* Days on Market 42 days, down 35% since beginning of 2024

“What’s Available Today” 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 March 2024. Data includes all home types in MLS of Southern 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.