The State of The Market - Tucson November 2022
The real estate market has been making headlines for months with stories that home prices will fall, sinking sales numbers, rising inventory, and increased days on market. Couple all of that with interest rates that have more than doubled since this time last year and it is no wonder people are hesitant about today’s market. It would be hard to argue that the housing market has not shifted, because it has. However, national headlines only tell part of the story and are often sensationalized. Your local real estate market statistics tell the other half of the story and are exceedingly more relevant to your home-selling and buying endeavors.
So what is happening in your local market?
The following are some highlights of today’s Tucson real estate market broken up into several broad local areas. If you are considering listing your home or purchasing a new home, you will want to speak with an agent who understands local trends down to the neighborhood level. Reach out to the Benvenuto-Koehler Team today and let us help.
In October 2022 there were 27 closed listings in Dove Mountain. The months of inventory was 3.6 and the average days on market was 16. The median sold price for homes in Dove Mountain was $550,000 and the percent of asking price paid was 100%. The following graphs illustrate January through October 2022 data for Dove Mountain.
TUCSON NORTH - SINGLE FAMILY
In October 2022, there were 55 closed listings in Tucson North. The months of inventory was 2.2 and the average days on market was 25. The median sold price for single-family homes in North Tucson was $700,000 and the percent of asking price paid was 98.1%. The following graphs illustrate January through October 2022 data for the Tucson North area.
In October 2022 there were 51 closed listings in Oro Valley. The months of inventory was 2.3 and the average days on market was 8. The median sold price for single-family homes in Oro Valley was $490,000 and the percent of asking price paid was 100%. The following graphs illustrate January through October 2022 data for Oro Valley.
WHAT IT ALL MEANS
Tucson’s housing market has shifted from the days of homes selling for thousands over the asking price with twenty offers after mere hours on the market, but homes are still selling and inventory is still low. Some markets in Tucson have shifted more than others, making it imperative to understand what is happening in your specific location. A local realtor can advise you on the local real estate market down to the neighborhood level and aid you in achieving your real estate goals.