Tucson Real Estate Statistics and Market Trends for 2023

Tucson Zip Codes for Real Estate

Tucson Real Estate Statistics 2023

Median home price in Tucson increased by 11.2% over the past year to reach $350,000
Inventory of homes for sale decreased by 33.6% compared to last year, indicating a tight housing market.
The number of building permits issued for single-family homes in Tucson increased by 12.6% over the past year, suggesting that new construction is helping to address the housing supply shortage.
7.8% increase in the number of homes sold over the past year, indicating strong demand for Tucson real estate
Rising home prices and a shrinking inventory suggest that the Tucson real estate market is experiencing growth and demand.
Increasing building permits for single-family homes may provide some relief for buyers looking for new homes.
Tight supply may continue to drive up prices.
An increase in homes sold indicates a strong interest in Tucson real estate.
Factors such as job growth and a desirable quality of life in the area may drive the demand for Tucson real estate.

More Key Tucson Real Estate Stats

The median sales price of homes in Tucson increased by 8.3% compared to the same period last year, reaching $355,000
The number of homes sold decreased by 9.8% over the same period, indicating a possible slowing of demand
Inventory of homes for sale decreased by 38.9% compared to the same period last year, suggesting that tight housing market conditions in Tucson are likely to continue in 2023
Average number of days that homes spent on the market decreased by 23.8%, indicating a fast-moving market
Tucson real estate market is continuing to experience tight housing market conditions, with rising prices and low inventory
Decrease in the number of homes sold may indicate a slowing of demand, potentially due to affordability concerns or other factors
Decrease in the average number of days that homes spent on the market suggests that buyers are still motivated to act quickly in a fast-moving market
With low inventory and rising prices, the Tucson real estate market may continue to be challenging for buyers in 2023.

Tucson Real Estate Market Trends 2023

According to the Tucson Metro Chamber’s Economic Dashboard for Q4 2022, the median home price in Tucson increased by 11.2% over the past year to reach $350,000. Meanwhile, the inventory of homes for sale decreased by 33.6% compared to the same period last year, which may indicate a tight housing market. The report also notes that the number of building permits issued for single-family homes in Tucson increased by 12.6% over the past year, suggesting that new construction is helping to address the housing supply shortage. Additionally, the report highlights a 7.8% increase in the number of homes sold over the past year, which may indicate strong demand for Tucson real estate. (Source: https://tucsonchamber.org/wp-content/uploads/2022/12/Economic-Dashboard-Q4-2022.pdf)

Overall, the data suggests that the Tucson real estate market is experiencing a period of growth and demand, with rising home prices and a shrinking inventory. The increase in building permits for single-family homes may provide some relief for buyers looking for new homes, but the tight supply may continue to drive up prices. The increase in homes sold indicates a strong interest in Tucson real estate, which may be driven by factors such as job growth and a desirable quality of life in the area.

The Tucson Association of Realtors’ Market Report for January 2023, the median sales price of homes in Tucson increased by 8.3% compared to the same period last year, reaching $355,000. Meanwhile, the number of homes sold decreased by 9.8% over the same period, indicating a possible slowing of demand. The report also notes that the inventory of homes for sale decreased by 38.9% compared to the same period last year, suggesting that the tight housing market conditions in Tucson are likely to continue in 2023. Additionally, the report highlights that the average number of days that homes spent on the market decreased by 23.8%, indicating a fast-moving market. (Source: https://www.tucsonrealtors.org/wp-content/uploads/2023/02/Monthly-Market-Report-01-2023.pdf)

Overall, the data suggests that the Tucson real estate market is continuing to experience tight housing market conditions, with rising prices and low inventory. The decrease in the number of homes sold may indicate a slowing of demand, potentially due to affordability concerns or other factors. However, the decrease in the average number of days that homes spent on the market suggests that buyers are still motivated to act quickly in a fast-moving market. With low inventory and rising prices, the Tucson real estate market may continue to be challenging for buyers in 2023.

Tucson Real Estate FAQ

Does a house have to pass inspection to be sold in Tucson?

In Tucson, Arizona, a house does not have to pass an inspection in order to be sold. However, it is highly recommended that buyers have a home inspection conducted before purchasing a property. A home inspection is a visual examination of a home’s accessible components and systems, including the roof, foundation, electrical, plumbing, and HVAC systems, among others. A home inspection can help buyers identify any potential issues with the property that may require repairs or maintenance, allowing them to make an informed decision about whether to move forward with the purchase.

While a home inspection is not required by law in Tucson, it is often included as a contingency in the purchase contract says local real estate agent Doug Hopkins. This means that the sale of the home is contingent upon the outcome of the inspection, and buyers may be able to negotiate repairs or a lower price if significant issues are found. It is important for buyers to carefully review the terms of the purchase contract and work with a trusted real estate agent or attorney to ensure that their interests are protected throughout the home buying process.

How long does a house stay in contingent status in Tucson AZ?

In Tucson, Arizona, the length of time a house stays in contingent status can vary depending on a number of factors. Contingent status means that the sale of the home is contingent upon certain conditions, such as the outcome of a home inspection or the buyer securing financing. During this time, the property is not considered to be officially sold.

The length of time a house stays in contingent status can depend on the specific contingencies included in the purchase contract and how quickly they can be met. For example, if the contingency is for a home inspection, the length of time may depend on how quickly the inspection can be scheduled and completed, as well as any negotiations that may take place afterward. If the contingency is for financing, the length of time may depend on how quickly the buyer’s loan application can be processed and approved.

In general, contingent status can last anywhere from a few days to several weeks or even months. It is important for buyers and sellers to communicate openly and regularly with their real estate agent and to carefully review the terms of the purchase contract to ensure that all contingencies are met in a timely manner. This can help to minimize the amount of time the property spends in contingent status and ensure a smooth and successful home sale transaction.

How soon can i sell my house after purchase in Tucson AZ?

In Tucson, Arizona, there is no minimum time period that you must own your home before selling it. However, if you are planning to sell your home soon after purchasing it, there are a few things to keep in mind.

First, if you have a mortgage on the property, you will need to pay off the outstanding balance when you sell the home. This means that if you have only made a few mortgage payments, the proceeds from the sale of the home may not be enough to cover the outstanding balance of the loan.
Second, if you sell your home soon after purchasing it, you may not have had time to build up much equity in the property. This could make it more difficult to sell the home for a profit, particularly if you are selling in a buyer’s market or if the property needs significant repairs or renovations.
Finally, if you sell your home soon after purchasing it, you may be subject to capital gains tax on any profits you make from the sale. This tax can be significant, particularly if you have owned the home for less than a year.

There is no minimum time period that you must own your home before selling it in Tucson, it is important to carefully consider your financial situation and the state of the local real estate market before making the decision to sell. It may be beneficial to consult with a trusted real estate agent or financial advisor to help you make an informed decision about whether to sell your home and when to do so.