Tucson Housing Market: Trends & Prices

Tucson Real Estate Market Overview

(Last Updated – 7/2023)

Over a half a million people call Tucson home, according to the latest census data from 2022. It’s easy to see why. Between stunning mountain views, dreamy desert skies, and sunsets worthy of a postcard, this Arizona city has no shortage of remarkable scenery.

Tucson offers more perks than just good views. Despite having such a large population, the average commute takes less than 25 minutes. The summers are dry instead of humid, the winters are mild, and the city is a melting pot of cultures, traditions, and religions.

When it comes to the Tucson real estate market, homebuyers looking for big-city affordability are in luck. The typical Tucson home price, per Zillow — $318,279 — is lower than the national median.

Nonetheless, local real estate pros say that some aspiring Tucson homeowners are finding it hard to keep up with increasing housing prices. Given that Tucson has a median income of $48,058, it’s understandable how the city might be out of reach for some buyers.

The overall cost of living in Tucson is also higher than some other metro areas in Arizona and is roughly 3.7% above the national average, but it’s lower than other U.S. metro areas such as San Diego, Portland, and Seattle.

Keep reading to learn more about home ownership in the Tucson housing market.

Overall Tucson Market Trends

When it comes to local housing market trends, what’s Tucson’s deal? The real estate pros at Redfin categorize the Tucson market as somewhat competitive, leaving options for both buyers and sellers.

Some homes in this city receive multiple offers but typically sell for around 1% below list price. Generally, Tucson homes sell in around 45 days.

Tucson Housing Market Forecast

Despite the 5.7% year-over-year median price increase, real estate experts predict that the Tucson housing market will maintain its upward trend into next year. One reason for this is that housing inventory is expected to remain below normal levels, keeping the ball mostly in the seller’s court.

Even though housing prices increased in Tucson over the past year, many who live in more expensive Western cities see Tucson as more affordable. Buying a home in Tucson has also become a viable option for more people who are looking for a balance of affordable housing and quality of life.

Demographics of the Tucson Market

Popular Tucson Neighborhoods

Some homebuyers may have their heart set on romantic desert views; others may prefer being in the center of all the action. Either way, there is probably a neighborhood in Tucson that will suit even the pickiest homebuyer’s needs.

Armory Park

Armory Park is a Tucson neighborhood with a rich military history. Many of the area’s historic resources have been updated. For example, the original Carnegie Library is now home to the Tucson Children’s Museum.

Other community-focused amenities include the Armory Senior Center, which hosts activities and provides social services for seniors.

Armory Park Housing Market

Pie Allen

With a name like Pie Allen, who could resist moving here? The neighborhood is named after John B. Allen, who sold pies to Calvary men in the mid-1800s. He went on to become mayor of Tucson and was a prominent city resident.

This tiny enclave is peppered with restaurants, coffee shops, bars, parks, and highly rated schools.

Pie Allen Housing Market

Sam Hughes

The neighborhood of Sam Hughes can be found slightly east of the esteemed University of Arizona. Some residents consider this neighborhood to be perfectly planned because of its access to a public library, swimming pool, park, and tennis courts.

Popular Third Street is an easy spot for locals to bike to, thanks to a dedicated bike route. This attractive area is also known for featuring more than a dozen architectural styles.

Sam Hughes Housing Market

Rita Ranch

Rumor has it that Rita Ranch was named after Rita Hayworth. In 1951 Hollywood legend Howard Hughes bought 20,000 acres of Tucson land to build Hughes Missile Systems. After setting up a ranch home on this land, the story goes that Hughes named the ranch after Hayworth.

With glamorous roots like that, who could resist calling Rita Ranch home?

Rita Ranch Housing Market

Iron Horse

Close to the active downtown and the University of Arizona, the Iron Horse neighborhood has some strong roots in the Tucson community.

Today, it’s a popular spot for both locals and visitors as it houses the Historic Coronado Hotel and has plenty of great shops and markets to patronize.

Iron Horse Housing Market