September 2023 Real Estate Market Trends in Tucson, AZ

Welcome to our latest update on the Tucson, Arizona real estate market for September 2023. In this post, we will dive into recent developments in the housing sector, with a special focus on how the recent uptick in interest rates has reshaped the dynamics of the home sales market.

Crucial Metrics: Days on Market and Median Home Price

Today, we'll zero in on two key metrics that shed light on the present state of the housing landscape:

1. Days on Market:
   Days on market is the average duration it takes for a home to secure a contract once listed for sale. Currently, homes are being snapped up with remarkable speed, averaging just 13 days on the market. This stands in stark contrast to the peak of 34 days recorded back in February of this year. This trend underscores the continued dominance of a sellers' market, driven by a scarcity of homes available for sale.

2. Median Home Price:
   The median home price has climbed to $380,000, reflecting a $10,000 increase or a 2.7% rise compared to the previous year. Since the start of the year, we've witnessed an approximately $22,000 upswing. 

Market Insights:

Collectively, these indicators offer valuable insights into the current state of the housing market in Tucson. The swift pace of home sales underscores the fiercely competitive nature of the market, greatly benefiting sellers. Simultaneously, the surge in median home prices highlights the unrelenting demand for housing.

In summary, while higher interest rates have caused some prospective buyers to pause, there remains an imbalance with more buyers than sellers, contributing to the stability of home values.

If you're curious about how these trends are specifically impacting your neighborhood or need more information, please don't hesitate to get in touch. We're here to provide guidance during these dynamic and exciting times.

Don't forget to check out our video on the Tucson AZ Housing Report | September 2023 to discover the best that this vibrant city has to offer in the real estate market.