Click "Play" to see the latest Tucson Real Estate Market Trends, and how they will affect your buying or selling decisions...
Let's dive into the Tucson real estate market, and see how things are looking for buying and selling.
These stats came directly from the Tucson southern Arizona MLS system, which is our local MLS here in Tucson, Arizona. So, you can rest assured that all the data that I'm going to be sharing with you in this quick video is going to be up to date and real for our local market here in Tucson.
Tucson Real Estate Market Trends - Home Price
The first thing we're going to dive into is the average Tucson home price. And as you can see these Tucson Real Estate Market Trends are still increasing. Year over year from October 2020 to right now we've gone up 21.4% in price. So, had you bought a home in October of last year, you would have already had a 21% increase in your investment.
Now, let's dive into some other things - new listings. These are new homes coming on the market 3.3%, which is up a little bit from last year, but not too much. The thing I do want to show you is we are still in a very high seller's market, and you can see that the inventory is still dropping.
That being said, the inventory has increased a little bit we are up to 1564 Tucson homes for sale. We were down to about 1100 - 1200 homes for sale in Tucson, Arizona. And, just also as a side note, these homes are all single family homes around the entire MLS.
Average days on market is still very low. We're down 58% from last year, and that's just an indication of how crazy things have been throughout 2021.
We have one month of inventory, which means there's one in one month, all the homes in Tucson would be sold, again down 38% from last year.
When looking at percent of list price. We're at 100%. Which means if you're looking to buy a house, or maybe sell your property, if you have any indication of that in the earlier months throughout the summer, you know, houses were going for 20-30,000 and even 40,000 over asking price!
So this only tells us that every home that was for sale went for at least the listing price. So just to put that in perspective, if you are thinking about buying a home, and you're thinking about coming in $20K under well, you're probably not going to be getting your offer accepted.
Tucson Real Estate Market Trends - Price Per Square Foot
Price per square foot is something we look at loosely. A lot of the houses I've seen are up around $200 per square foot, but the average is $178. But if it's a nice home in a nice area, you can expect to pay up to around $190 to $200 per square foot right at this point.
That concludes the market update for right now. Be sure to check back next month for the latest Tucson Real Estate Market Trends.
If you have any specific real estate questions or would like to just speak with somebody about real estate or buying or selling your home, click here to book a consultation with me no charge, no pressure. We can just sit down and talk about options for you and your family.
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