Tucson AZ Housing Report | March 2023

Welcome to this real estate market update for Tucson, Arizona! Today, we'll be discussing the current state of the real estate market for single-family homes in Pima County.

The real estate market in Pima County has been experiencing a period of stabilization, with the number of new listings coming to the market dropping about 11% from the prior month, while closed sales jumped 22% over the same period. This trend has helped stabilize home values and even increase the price of more desirable homes.

In terms of inventory, the supply of homes in the county had been steadily increasing through November, but it is now declining and currently stands at 2.2 months' supply of homes. This is good news for sellers, as it indicates that there are fewer homes on the market, potentially leading to higher prices.

The number of homes on the market had steadily increased from April through October but has been declining again through February, currently sitting at 2,179 homes. A normal market for Pima County is typically around 5,500 homes. This suggests that the current market is still more favorable to sellers than buyers.

While the frantic pace of buying has slowed down, the median days on market has gradually increased to 34 days, up 2 days from the prior month. Although this is still generally a seller’s market, the market is moving towards a more neutral state.

As of January 2023, the median home price in Pima County dipped to $355,000, down $930 from the prior month and even with the prior year. However, correctly priced homes in good condition are still selling within a few days and frequently over the list price.

If you're willing to put some work into a home that is not in as good of condition or maybe not priced as well, your ability to negotiate on price, repairs, and terms is increasing since these homes are starting to sit on the market.

If you have any questions or would like more information about your neighborhood, don't hesitate to reach out. Overall, the current state of the real estate market in Pima County suggests that sellers still have the upper hand, but buyers are beginning to gain some traction.

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