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Oro Valley’s Real Estate Market in 2024: Navigating Affordability, Cash Transactions, and the Impact of NAR Settlement Changes

In Oro Valley, Arizona, a city known for its residents with a household income of $92,000 the affordability of housing is influenced by factors such, as mortgage rates, home prices, and the local economy. Looking ahead to 2024 the real estate market in Oro Valley reflects a landscape shaped by changes in mortgage rates. These rates have decreased after reaching a peak giving homeowners more purchasing power. This shift is particularly significant in Oro Valley, an area in Arizona recognized for its quality of life and attractiveness to newcomers especially those moving from California seeking a better lifestyle.

The current market conditions show that there is a 5.1 month supply of homes for sale indicating a balance between supply and demand. Additionally, the average sale-to-list price ratio stands at 99%. Although there has been a 36% decrease in home sales far in 2024 compared to the year the median sales price has surged from $480,000 in 2023 to $620,105 in 2024. This highlights the competition within the market. Notably, 40% of transactions in Oro Valley are completed using cash payments showcasing the purchasing power among buyers, in this community.

Amid these circumstances, the upcoming changes, to the National Association of Realtors (NAR) settlement set for mid-July are expected to have an impact on the market environment. With these shifts and a high volume of cash transactions, potential buyers are increasingly recommended to seek out seasoned real estate agents. These professionals play a role in navigating the complexities of real estate deals especially when it comes to bargaining for seller concessions or securing loan terms. The expertise of realtors is invaluable now as they possess the know-how needed to ensure successful property closings and can greatly influence the financial outcomes for both buyers and sellers in this thriving and ever-evolving market.

For individuals interested in entering or exiting the Oro Valley housing market recognizing the value of negotiations understanding opportunities for seller concessions and grasping loan competition nuances is crucial. The presence of real estate professionals has never been more crucial providing guidance through the intricacies of today’s market conditions and helping clients maneuver effectively through these times. This intricate mix of factors, in Oro Valley—its community status, significant cash transaction rates, and impending NAR settlement adjustments—emphasizes the importance of making informed decisions strategically tailored to this unique real estate landscape.

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