WOW! The Real Estate Market In Tucson Is Heating Up. It’s not from the summer heat…
It looked like we were entering a buyer’s market this past Spring, but the market has shifted a bit. We are seeing demand, home price growth is steadily increasing, and in many price ranges the number of homes for sale are down.
Home prices are increasing. According to the Tucson Multiple Listing Service data, the average price of homes sold this May rose 3.6% from a year earlier—the biggest gain in seven months.
The buyer demand has increased, too, with more buyers looking to make a real estate purchase in the Tucson area.
The number of Tucson homes for sale remains very tight, particularly at the lower end of the market.
So what changed?
It’s simple: Mortgage rates have dropped steadily since April, and are currently at the lowest levels in a year and a half. In fact, the 30-year fixed mortgage rate is just 0.5% higher from the all-time low they reached in 2012.
Tucson remains one of the most affordable cities in the nation, drawing new residents with its low cost of living, the weather making an easy place to retire, and the University of Arizona.
All of this is good news if you’re looking to sell.
Right now, is a great time to sell since demand is up and supply is low. You could sell quickly and for top dollar.
According to Don Vallee with Long Realty, “This current situation won’t last long. That’s why now is such a golden moment, making it a great time to buy or sell.”
In case you’re curious where you stand, you can find out what your home is worth in the current market, based on recent Tucson sales: