Mid-Year 2023 Real Estate Market Report: Trends and Summer Demand Update

Welcome to our Mid-Year Real Estate Market Report! In this blog, we'll delve into the current market situation, exploring whether it's a trend and if the heat of summer has cooled off demand. 

Today, we'll be analyzing three key indicators that shed light on the market's performance:

1. Number of Homes Sold
2. Dollar Volume of Homes Sold
3. Median Home Price

Number of Homes Sold:
Last month, we witnessed the sale of 1,088 homes. While this figure represents a 14% decline from the previous year, it marks an impressive 59% increase compared to the beginning of this year.

Dollar Volume of Homes Sold:
In terms of total volume, the homes sold last month accounted for a staggering $514 million. Although this reflects a 12.4% decrease from the previous year, it signifies a remarkable 71% surge since January 2023. It's important to note that compared to the previous month, there was an 8.4% decline, which can be attributed to seasonal factors as our beloved seasonal residents have embarked on their annual journey to cooler climates.

Median Home Price:
The median home price currently stands at around $390,000, indicating a $10,000 increase from the previous year and a $33,000 surge since the beginning of this year. Remarkably, we find ourselves just $605 away from reaching the all-time market high for median home value.

In summary, here's what we can gather from the data:

1. There are fewer buyers compared to the previous year, but the real estate market continues to witness steady home purchases.
2. Buyer demand remains high, but the limited availability of homes on the market poses a challenge.
3. Home prices have maintained their stability, exhibiting a positive trend.

If you have any questions or require more specific information about your neighborhood, please don't hesitate to reach out to me. 

Watch our video on the Tucson AZ Housing Report | July 2023 and see the best of what this amazing city has to offer.