With less to clean, maintain, and pay for, baby boomers all over the Tucson area are exploring the benefits of a fast sale. Thatâs what this blog is all about! The average apartment rent in Tucson is $921, a 6% increase compared to the previous year. The asking price of single-family homes for sale in Tucson (on Realtor.com) starts from $75,000 for a 2-bedroom house and can go up to $7.9M for a luxury 7-bedroom house located in Catalina Foothills neighborhood. While it is difficult to be certain about the real estate market in 2020, there are several opinions. While Phoenix and Scottsdale almost consistently make headlines as top places to invest in real estate, Tucson has been overlooked by investors. Do you have questions about the changing real estate market and how it will affect you when buying or selling a house in Tucson? One opinion is that we could see major, catastrophic changes in the real estate market due to the enormous changes we have made in buying and selling real estate with a loan. Both of them translate into high demand for housing. Homes in Tucson receive 3 offers on average and sell in around 42 days. Connect with us or submit your info below and we'll help guide you through your options. This is perhaps due to the short term impact of the coronavirus pandemic on real estate sales in the Tucson area. All in all, the Tucson housing market is one of Arizonaâs top markets in 2020. In addition, Tucson Airbnb regulations dictate a 5.5% Arizona Transaction Privilege Tax. The Tucson housing market is actually one of Arizonaâs rising rental markets. The Arizona housing market is one of the nationâs best states to invest in real estate in 2020. Firstly, the Tucson housing market is located in Arizona, a well-known landlord-friendly state. These numbers can be positive or negative depending on which side of the fence you are — Buyer or Seller? There are 171 neighborhoods in Tucson. Your email address will not be published. We are a real estate solutions and investment firm that specializes in helping homeowners get rid of burdensome houses fast. That is aside from the slow but steady international migrants to the area, as well. Stay up to date with the latest tips for Traditional & Airbnb Investments. Consult with one of the investment counselors who can help build you a custom portfolio of Tucson turnkey properties. The areaâs population growth coincides with its job market growth. Per capita income in 2018 was $22,645, while median household income was just under $41,625. Tucson, AZ is a seller's market in October 2020, which means that there are more people looking to buy than there are homes available. The housing crisis had a significant effect on the Tucson housing market, but it fared better than Arizona and the nation during the housing crisis and has improved However, its slow recovery has been overlooked by the media and investors alike. On average, homes in Tucson, AZ sell after 49 days on the market. According to a report published by the U.S. Department of Housing and Urban Development (Office of Policy Development and Research), from 2000 through 2006, strong population growth contributed to an average of 8,050 for sale homes permitted, annually. This is because the Tucson housing market is fairly pricey. We shall now discuss some of the most recent housing trends in the Tucson area and compare it with the past couple of years. We’ve already addressed the university and military base generating demand for rentals in the Tucson housing market. In 2018 home prices rose by an average of around 5%. The need for many retirees to sell their second homes when they can no longer travel or live independently provides an opportunity to snap up properties at a bargain rate. Airbnb Tucson hosts must also obtain a business license and tax of 2.6%. Required fields are marked *. Learn about these 5 ways the real estate market is changing in 2020. Save my name, email, and website in this browser for the next time I comment. April 2020 was $158. Tucson’s relatively slow and steady growth rate means that new construction is at a crawl. Phoenix is a hot place for real estate investment. The state is home to many profitable markets, such as the Scottsdale housing market and the Phoenix housing market. In any property investment, cash flow is gold. The real estate market is always changing. Let us look at the price trends recorded by Zillow (a real estate database company) over the past few years. Ideally, a buyer would prefer a sale to asking price ratio that’s closer to 90%. If you have been thinking about selling your house in Tucson to find a house that is better suited for you, now may be the perfect time to buy and take advantage of these surprisingly low rates! Duplex units cost around $130,000 each. As you can see from the below video taken Friday December 6th, 2019; the Friday real estate market for Tucson is very active. That employs around eight thousand people. It’s only wise to think about how you can and should be investing your money. Your email address will not be published. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates. Seniors all over the US are selling their too-large homes and using the proceeds to travel, knock items off their bucket list, and purchase better-suited properties. With a strong economy and low mortgage rates, buyer activity has been strong in this region. According to Zillow’s statistics, currently, Tucson is a sizzling hot seller’s market. Another opinion is that it will be a slower, more gradual increase. The average size for a Tucson, AZ apartment is 762 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. A Moody Analytics report shows Tucson is in the top 10 for cities best positioned to recover economically from … The Chandler-Gilbert Community College system caters to local students. One of the big factors in the real estate sector's performance is going to be Tucson's ability to continue to attract new companies and to attract other companies to come to this region. Despite a slowing of net natural change, population growth in the Tucson Housing Market Area accelerated since 2016 because of increased net in-migration. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Since 2016, the median home price in Tucson has appreciated by roughly 41.2%, from 162,000 to $215,965. There are 131 elementary schools, 87 middle schools, 114 high schools and 47 private & charter schools. The Tucson Home Price Index has increased for the last 25 consecutive quarters. In 2018, the Tucson metroâs population hit 1 million. To verify enrollment eligibility for a property, contact the school directly. There are currently 427 new construction houses available for sale in the Tucson housing market (on Realtor.com). Only showing 5 of With this most recent cut, homebuyers are finding loans with interest rates at 50-year lows. In our latest post, we will work with review some of the ways the market is changing and what you can do to be prepared. Julia Keen is the most affordable neighborhood in the entire Tucson housing market area, with a median listing price of $160K. Laguna Niguel, CA 92677, Copyright 2018 Norada Real Estate Investments.