Tucson AZ Housing Report | April 2023

Welcome to this real estate market update for Tucson, Arizona! In this blog post, we'll dive into how the market for single-family homes in Pima County is heating up once again.

The supply of homes for sale has been declining throughout the year and currently stands at only 2 months of supply. This is a 10% decrease from last month and a 20% decrease since the beginning of the year.

Although the supply of homes for sale is decreasing, the number of new listings coming to market has increased by 13.7% and closed sales have jumped by 27% over the prior month. This means that the pace of buying homes has also accelerated.

Furthermore, the median days on the market for homes has decreased by 14 days from the prior month, now only taking 20 days on average before a home receives an offer.

The inventory of homes for sale has also continued to decline throughout the year, with a 12% decrease from the prior month and currently sitting at 1,943 homes. This is approximately 3,600 homes shy of a normal market.

So, what does all of this mean? Simply put, the real estate market in Tucson continues to be healthy. Correctly priced homes are selling within a few days, often with multiple offers and over list price. The median home price is currently at $365,000, which is up $10,000 from the prior month and up about $11k from the prior year.

If you have any questions or would like more information specifically about your neighborhood, please don't hesitate to reach out. I'm here to help.

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