Tucson Housing Market: Trends & Prices

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    Tucson Real Estate Market Overview

    (Last Updated – 12/2021)

    Over a half a million people call Tucson home, according to the latest census data. 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 — $291,511 — 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 soaring housing prices, which Zillow reports increased by 29.5% over the past year. Given that Tucson has a median income of $43,425, it’s understandable how Tucson might be out of reach for some buyers.

    The overall cost of living in Tucson is also higher than most other metro areas in Arizona and is roughly 4% 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.

    $307,000

    Median Sale Price

    $192

    Avg. Price Per Sq. Ft

    26 days

    Avg. Time on Market

    Tucson Housing Market Forecast

    Despite the 29.5% 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 soared in Tucson over the past year, many who live in more expensive cities outside the state see Tucson as more affordable. Buying a home in Tucson has also become a viable option for more people who now have the opportunity to work remotely.

    Housing market forecast chart

    *Graph taken from Zillow as of 09/2020

    Demographics of the Tucson Market

    Tucson has a quaint sound to it, but this Southwestern town is a sprawling metro area that offers a lot more than meets the eye, especially in terms of how many great neighborhoods there are to live in.

    Before making a big move, consider these fast facts about the Tucson real estate market that shed light on more than just home prices.

    Median Income: $43,425

    Median Age: 33.7

    College Educated: 27.4%

    Homeowners: 50.6%

    Married: 38.1%

    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.

    Recommended: Price-to-Rent Ratio in 50 Cities

    Quick Facts

    Population:

    5,234

    Median Age:

    34.4

    Housing Units:

    3,202

    Bike Score:

    98

    Walk Score:

    76

    Transit Score:

    65

    Average Household Income:

    $62,556

    Armory Park Housing Market

    The real estate market in Armory Park is considered not very competitive. Home values rose by 4.2% in the past year in this area, and homes for sale spend around 58 days on the market.

    Homes in the Armory Park neighborhood typically sell for 1% below list price, so there may be opportunities to negotiate.


    Median Sale Price

    $476,000

    Average Price Per Square Ft.

    $220


    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.

    Quick Facts

    Population:

    1,370

    Median Age:

    34.4

    Housing Units:

    630

    Bike Score:

    99

    Walk Score:

    85

    Transit Score:

    67

    Average Household Income:

    $47,977

    Pie Allen Housing Market

    Housing prices in Pie Allen soared over the past year by 72.9%. At the same time, the latest report from Redfin shows homes in Pie Allen staying on the market for 120 days and selling at 3.2% below list price. This could indicate that prices have hit a ceiling in this area.


    Median Sale Price

    $545,000

    Average Price Per Square Ft.

    $293


    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.

    Quick Facts

    Population:

    5,159

    Median Age:

    30

    Housing Units:

    2,555

    Bike Score:

    96

    Walk Score:

    73

    Transit Score:

    46

    Average Household Income:

    $54,738

    Sam Hughes Housing Market

    The Sam Hughes housing market is somewhat competitive, with some homes on the market receiving multiple offers and selling in about 42 days.

    The good news for buyers is, housing prices here are down 22.8% compared with a year ago, and homes in this area typically sell for around their list price.


    Median Sale Price

    $305,000

    Average Price Per Square Ft.

    $205


    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?

    Quick Facts

    Population:

    11,590

    Median Age:

    36

    Housing Units:

    4,025

    Bike Score:

    47

    Walk Score:

    19

    Transit Score:

    14

    Average Household Income:

    $96,174

    Rita Ranch Housing Market

    The Rita Ranch market can be competitive at times, with some homes receiving multiple offers and the average home only remaining on the market for 38 days.

    Typical homes generally sell for about 1% above list price; in-demand homes can sell for 5% above.


    Median Sale Price

    $344,500

    Average Price Per Square Ft.

    $167


    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.

    Quick Facts

    Population:

    593

    Median Age:

    29

    Housing Units:

    263

    Bike Score:

    99

    Walk Score:

    87

    Transit Score:

    70

    Average Household Income:

    $43,438

    Iron Horse Housing Market

    Redfin reports that houses in Iron Horse typically sell at 1.5% above list price and stay on the market roughly 91 days.

    Inventory can be on the low side low in Iron Horse, so you may need to be a little patient if you hope to find your dream home in this neighborhood.


    Median Sale Price

    $475,000

    Average Price Per Square Ft.

    $158



    SoFi Home Loans

    It’s easy to see why Tucson has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.

    If you think Tucson could be your home sweet home, then you may need to consider different mortgage loans during your home buying process.

    If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.

    Learn More


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