Recent reports show that the Tucson, AZ housing market is on the rise, with a 17.9% increase in the median price of a single-family home year-over-year. This uptick is great news for home buyers and sellers as it indicates increasing demand and stabilizing prices. If your clients are considering buying or selling a home in Tucson, be sure to stay up-to-date on the latest market trends to make informed decisions. You can find the latest housing data and resources here. Happy house hunting!
Quick Facts
- Tucson is a city in Arizona's Pima County.
- Tucson has a poverty rate of 20.79% and a $58,057 average household income.
- The median cost of rent over the past few years is $861 per month, while the median price of a home is $165,900.
- Tucson's population has grown by 0.33% since the last census, and it is currently expanding at a rate of 0.41% per year.
- It will have 547,131 inhabitants in 2020, making it Arizona's second-largest city.
Tucson, AZ in a Nutshell
Tucson is a prime example of how a place can go through change without losing sight of its history. Tucson is a large metropolitan area in southern Arizona. It began small and grew into the surrounding space. It has also been luring new residents with its reasonable cost of living and university. The Old Pueblo is well-known for its sunny days, scenery, desert sunsets, and cowboy culture. But it is so much more than that. Tucson has a long, rich history that dates all the way back to the ancient Hohokam Indians. But, it was not a formal city until 1877. The city is now teeming with historical sites. These are places to learn about the impact of the Spanish, Mexican, and American cultures. Additionally, the contemporary native people contributed to the development of Tucson.
Economy
The city's economy is booming, and young people can find various jobs here. The University of Arizona is Tucson's largest employer. It has been central to much of the city's economic growth. Additionally, Tucson residents can find plenty of employment at Davis-Monthan Air Force Base. It is on the city's southeast edge. Many high-tech industries have grown due to their presence. These include government contractors and the US Army Intelligence Center. Tucson is also a significant hub for the Union Pacific Railroad's Sunset Route. It connects the ports of Los Angeles with the South and Southeast of the nation.
Employment
University of Arizona, Raytheon, and Davis-Monthan Air Force Base are the top employers. Together, they have about 34,000 people. Tucson draws various professionals looking to diversify their careers. This situation is actual even if the University of Arizona is the area's largest employer. There are many opportunities in the city for those in the aviation, tech, or defense sectors. The leisure and hospitality sectors have over 45,000 workers. Together, they also contribute to the local economy. The city is also home to significant operations for IBM and Texas Instruments. Additionally, Honeywell Aerospace, Ventana Medical Systems, and Intuit Inc. are also in the city.
Real Estate in Tucson, AZ
Tucson, Arizona, is an affordable city for many. The cost of living is 6% lower than the national average and 5% lower than the state average. The median home price is around $165,900, and the median rent is about $861. Housing costs are also 25% lower than the national average. But Tucson is currently a hot seller's market, so if those planning to buy a home, there will need to move fast. Tucson's growth of almost 5% over the past ten years is unsurprising. Plus, it is one of Arizona's more-well priced cities. Additionally, many anticipated that the city would continue to grow. Why? Because it is a part of the area known as the Arizona Sun Corridor, which connects Tucson and Phoenix.
Real Estate Trends
Despite the pandemic and the economic downturn, the market in Tucson is booming. The Tucson real estate market ranked #9 in the country. According to data, this list is among the cities with the highest bidding war rates. An influx of out-of-state buyers is vying for homes. So now, many offers and quick home sales are becoming more and more common. Data from the Tucson Association of Realtors would agree. The median price of a single-family home in Tucson increased 17.9% from the previous year. A market is a good option for remote real estate investors looking for a rental property to buy. There is little available inventory, and many first-time homebuyers choose to rent instead.
Final Thoughts
Tucson is a wonderful city with beautiful surroundings and a fantastic food scene. Tourism and tech-related businesses are the best payers in this booming economy. The cost of living is lower than the national average despite the high average salary. Plus, homes are still less expensive, even in the most desirable neighborhoods. Tucson, known for its pleasant climate and clear skies, is the ideal place to start a family. Well, it has all the amenities of a large city but retains the feel of a smaller town. Tucson, indeed has its share of benefits and drawbacks. But with these data, the pros far outweigh the drawbacks, making it worthwhile to be in Tucson so be sure to focus on that with clients.
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