Tucson Housing Market: Trends & Prices
Tucson Real Estate Market Overview
(Last Updated – 10/2020)
Over a million residents call the great city of Tucson home sweet home. And it’s easy to see why. Between stunning mountain views, dreamy desert skies, and sunsets worthy of a postcard, there is no shortage of remarkable scenery in Tucson.
Tucson is home to a lot more perks than just good views. Despite having such a large population, the average commute takes less than 25 minutes. Not to mention, 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, home buyers have a lot to be thankful for. The Tucson median home price ($203,458) is lower than the national median. This is in-part due to the fact that new housing developments in Tucson’s more suburban areas continue to pop up, keeping housing costs down.
Tucson residents also spend less on their daily expenses like groceries and transportation than those who reside in other large metro areas.
Keep reading to learn more about what it’s like to buy a home in the Tucson housing market.
Overall Tucson Market Trends
The real estate pros at Redfin categorize the Tucson housing market as somewhat competitive, leaving good options for both buyers and sellers.
Homes in this city typically receive multiple offers, but also generally sell for a bit below their list price. Generally Tucson homes sell in around 48 days.
$244,000
Avg. Home Price
$149
Avg. Price Per Sq. Ft
49 days
Avg. Time on Market
Tucson Housing Market Forecast
While there is no such thing as a real estate crystal ball, some housing market forecasts predict that Tucson home prices will fall within the next year. In the past year, they rose by 7.6%, but are expected to make a 0.6% decline in coming months according to Zillow.
Demographics of the Tucson Market
Tucson has a quaint sound to it, but this southwestern town is a sprawling metro region 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: $43,676
Median Age: 33.5
College Educated: 27%
Homeowners: 49.9%
Married: 38%
Popular Tucson Neighborhoods
When it comes to finding the right neighborhood to settle in, in the city of Tucson, there are some great options. Some home buyers 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 historical 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.
Quick Facts
Population:
5,347
Median Age:
34.5
Housing Units:
3,285
Bike Score:
98
Walk Score:
76
Transit Score:
65
Average Household Income:
$62,762
Armory Park Housing Market
The real estate market in Armory Park is hot, hot, hot. Home values rose by 118.8% in the past year in this area and homes for sale spend around 63 days on the market.
Buyers should be aware that homes in the Armory Park neighborhood typically sell for 8.2% below their list price.
Average Home Price
$525,000
Average Price Per Sqare Ft.
$221
Pie Allen
With a name like Pie Allen, who could resist moving into this pleasant neighborhood? This neighborhood is named after John B. Allen who sold tasty pies to Calvary men in the mid 1800s. He went on to become mayor of Tucson and was a prominent citizen in the city.
Today, this neighborhood’s boundaries are East Sixth Street on the north, North Park Avenue on the east, North Fifth Avenue on the west and East Broadway on the south.
Quick Facts
Population:
1,366
Median Age:
34.5
Housing Units:
634
Bike Score:
99
Walk Score:
85
Transit Score:
67
Average Household Income:
$46,934
Pie Allen Housing Market
Homes in the Pie Allen real estate market sell a bit on the slower side (they spend an average of 147 days on the market) which may account for why home buyers are able to purchase their homes for around 4.4% under their listing price. Not a bad deal.
Average Home Price
$175,000
Average Price Per Square Ft.
$164
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 thanks to it’s access to a public library, swimming pool, park, and tennis courts.
The popular locale of 3rd Street is an easy spot for locals to bike to thanks to a dedicated bike route. This attractive area is also known for boasting more than a dozen unique architectural styles.
Quick Facts
Population:
5,137
Median Age:
30
Housing Units:
2,560
Bike Score:
96
Walk Score:
73
Transit Score:
46
Average Household Income:
$52,944
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 67.5 days.
The good news is, homes in this area typically sell for around 4% below their list price.
Average Home Price
$465,000
Average Price Per Square Ft.
$238
Rita Ranch
Rumor has it, although there is no proof, that Rita Ranch was named after the stunning and talented Rita Hayworth. The rumor holds up considering 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:
11,185
Median Age:
36
Housing Units:
3,928
Bike Score:
47
Walk Score:
19
Transit Score:
14
Average Household Income:
$92,906
Rita Ranch Housing Market
The Rita Ranch real estate market can be competitive at times, with some homes receiving multiple offers and the average home only remaining on the market for 45.5 days.
Homes typically sell for their list price, which may leave buyers little room for negotiation.
Average Home Price
$252,000
Average Price Per Square Ft.
$138
Iron Horse
Close to the hustle and bustle of 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 patron.
Quick Facts
Population:
590
Median Age:
29
Housing Units:
264
Bike Score:
99
Walk Score:
87
Transit Score:
70
Average Household Income:
$42,294
Iron Horse Housing Market
Home prices are on the rise in Iron Horse. In the past year, the average home’s sale price rose by 25.2%. Despite this increase, homes in the area generally sell for 5.2% under their list price.
Average Home Price
$255,000
Average Price Per Square Ft.
$175
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 your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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