Tucson AZ Real Estate - Tucson AZ Homes For Sale | Zillow (2024)

FAQs

Are housing prices dropping in Tucson? ›

Tucson, AZ housing market

The median listing home price in Tucson, AZ was $379K in June 2024, trending down -2.1% year-over-year. The median listing home price per square foot was $233. The median home sold price was $334K.

The median list price of homes in Tucson, AZ was $379,990 in July 2024 , compared to $392,990 in 2023. In July 2024, Tucson, AZ, was a seller's market, which indicates that there were more people looking to buy than available homes.

The cost of living in Tucson, AZ is 2% lower than the state average and 4% higher than the national average. Tucson, AZ housing is 2% cheaper than the U.S average, while utilities are about 1% pricier.

And here we go! The January 2024 Tucson Housing Market Pulse shows the Median sales price for increased 8.0% from January 2023 and stands at $352,500. As for the average sales price, it increased 5.5% over January 2023. Remember, that's for all homes sold - Single-family, condos/townhomes and manufactured homes.

If you love delicious food, fun outdoor activities, and rich cultures and are looking for a great place to live, Tucson is one of the best options to consider. Many homebuyers and real estate investors believe the city is ideal for buying properties and moving there or starting a rental business.

Tucson ranks as the major Arizona city with the lowest salary needed for someone to live comfortably. It takes an hourly wage of $40.24 or an annual salary of $83,699 for a single adult to sustain comfortable living standards. For a household of four, it takes about $215,000.

Tucson: Tucson is another popular retirement destination in Arizona, known for its mild winters, beautiful scenery, and rich cultural heritage. Retirees can enjoy outdoor activities such as hiking, golfing, and biking, as well as a vibrant downtown area with museums, galleries, and restaurants.

In recent years, the population of Tucson/Pima County increased while the creation of new housing has slowed since the 2007-2009 housing market crash. Increasing demand for housing, in the context of limited supply, is pushing up both housing prices and rental costs.

How much is a downpayment on a house in Arizona? ›

Conventional Loan Calculator in Arizona

Conventional loans typically require a 5% down payment. However, there are flexible conventional loans programs designed for to help Arizona first time home buyers that only require 3% down.

What is the median house cost in Arizona? The median-price of a home in Arizona was $352,536 in December of 2023, according to data from Arizona Realtors. The median will differ depending on where in Arizona you're looking, though — for example, in Phoenix it was $444,785.

There's a lot more to living in Tucson than just the weather and beautiful scenery, and the local culture is truly one-of-a-kind. With an affordable cost of living and real estate market, the activities and things to do as a resident in Tucson give it a remarkably high quality of life.

Monthly electric bills are a product of how much electricity you use per month and your electric rate. In Tucson, AZ, the average monthly electric bill for residential customers is $206/month, which is calculated by multiplying the average monthly consumption by the average electric rate: 1,150 kWh * 18 ¢/kWh.

In general, housing market predictions for Arizona are positive, with many analysts predicting continued growth for the market. Major cities and metropolitan areas like Phoenix will likely continue to see year-over-year growth.

Home prices will continue to increase in Arizona.

The data indicates that there will be a steady growth in home prices, which aligns with the overall health of the housing market. Here are some of the up-and-coming neighborhoods in Arizona real estate to watch in 2024 and beyond.

According to the U.S. Bureau of Labor Statistics, remote worker migration contributed to 60% of the increase in home purchase and rental prices. “The go-to explanation is supply and demand,” said local economist George Hammond. “In the past decade there was very little housing built relative to our population growth.”