Tucson Real Estate Sees Average Property Value Rise to $367,000 in February 2024

The Tucson real estate market has witnessed significant growth trends, with average property values reaching $367,000 as of February 2024. This growth offers equity gain opportunities to investors despite the market’s competitive nature. Additionally, neighboring cities present varied property value and market activity scenarios, offering homebuyers a range of options.

authorWritten by Manuel MartinezMar 29, 2024

Tucson Real Estate: An Overview of Current Market Trends

The real estate market in Tucson, Arizona, has shown some interesting dynamics over the past year, presenting opportunities and challenges for buyers, sellers, and investors alike. As of February 2024, the landscape of the Tucson housing market reflects a sector that, while experiencing fluctuations, also points towards growth in certain key metrics.

Property Values on The Rise

Looking at recent trends, one of the most notable observations is the average property value in Tucson, which has climbed. Despite a minor downturn early in the previous year, prices have rebounded and followed an upward trajectory. This is significant for homeowners considering the sale of their property as well as for potential buyers, signaling a competitive market where equity gains are likely for long-term investors.

Tucson AZ Home Values March 2024
Tucson AZ Home Values March 2024

As for specifics, the average value in Tucson as of February 2024 stands at $367,000, which paints a picture of a strengthening market. Complementing this figure is an average price per square foot of $221, up from previous months, indicating that not only are larger homes fetching higher prices, but smaller properties are also becoming more valuable.

Sales Data and Market Activity

The number of properties on sale and the number of sold homes shows the activity level in the real estate market. Throughout the past year, these figures have seen varied fluctuations—a sign of the dynamic nature of the Tucson property market. A peak in property count was observed in October 2023, while the most properties sold were noted in September of the same year. However, as of February 2024, 1,079 properties are up for grabs in Tucson, with a substantial 8,764 properties having been sold.

Tucson AZ Home For Sale March 2024
Tucson AZ Home For Sale March 2024

Even more compelling, the average sale price in Tucson clocks in at $343,751, alongside an average sale price per square foot of $224. This value difference between listing and sale prices could be indicative of a competitive market where homes sell close to listing prices or of possible negotiating room for buyers, depending on the property type and location.

Tucson Vs. Nearby Cities

To put Tucson’s real estate market into perspective, analyzing the adjacent cities can offer a comparative view. Remarkably, Mount Lemmon exhibits the highest average property value at a staggering $745,000, alongside the most significant price per square foot, which stands at $434, representing a niche yet evidently upscale market.

Contrastingly, Sahuarita ($340,000 average value), Green Valley ($309,000), Vail ($399,945), and Marana ($466,950) offer different value propositions with varying price per square foot. Sahuarita and Green Valley market activities show a more modest price per square foot of $180 and $215, respectively, while Vail and Marana sit at $213 and $248. Among the nearby cities, Sahuarita has the lowest property count (79), while Green Valley has seen 1,033 properties sold—a testament to its relative popularity among buyers.

The implications are widespread, from affordability concerns in Mount Lemmon to more balanced scenarios in places like Vail and Marana. Prospective buyers looking to settle near Tucson have a range of options to consider, with each neighboring city offering its unique blend of value and lifestyle.

As the Tucson real estate market continues to develop, keeping abreast of such trends is paramount. For participants in this market, these figures serve as valuable guidelines, helping to navigate a diverse and evolving property landscape. Whether you’re buying your first home, seeking investment properties, or considering the sale of a Tucson abode, current data provides insights to make informed decisions.

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