The housing market is growing all over the country and Tucson is no exception.
So far, in 2022, the median house price in Tucson is up 18%. This is high, but it remains lower than the national average. The point is that Tucson was once a place where a young family could live affordably, but that could change in the future.
Whether you’re thinking of buying or selling a house in Tucson, you need to know what you’re getting into. In this post, we’re going to examine some Tucson real estate trends for 2022 and beyond. Keep reading and you’ll be able to make an informed decision about your future.
Seller’s Market
Currently, Tucson is a hot seller’s market. This means that there are more buyers looking for houses than there are sellers trying to sell theirs. This is great news for homeowners in Tucson because it creates a lot of competition among buyers, which can help you get more for your home.
That said, if you look at the statistics, you’ll see that the number of days the average house has stayed on the market this year has only decreased by 4%. Those that are thinking, “I need to sell my house fast” may prefer to sell to a cash buyer or hang on to their home until demand more drastically affects supply.
Population Growth: Slow and Steady
Tucson’s population hasn’t grown as much as it has in places like Queen Creek, Maricopa, Casa Grande, Phoenix, and Buckeye. The average age of Tucson’s residents is only 33, which is nearly 5 years younger than the national average of 37-38.
Job Opportunities
Although Tucson isn’t known for its dynamic economy, there’s still a lot of potential for growth. Unemployment in Tucson is below the national average, sitting at 3.1% currently.
Some of the most promising industries in the city are in the renewable energy sector, as well as aerospace, education, defense, and tech. Real estate affordability and job opportunities make Tucson an attractive place to live for anyone working in these fields.
Good for Investors
Tucson is a great place for property investors. The rental market is very strong, with the median rental price for a single-family home hovering around $1,800 per month.
This is fueled by the 5 colleges within the Tucson city limits, which includes the University of Arizona, one of the nation’s top-20 research universities. U of A alone has 46,000 students and the rest of them have another 20,000.
Understanding Tucson Real Estate Trends 2022
With plenty of demand for housing, a unique but growing economy, and lots of investment opportunities, the Tucson real estate market is one of the best to keep an eye on in 2022. These are a few of the most important trends to look at if you’re buying or figuring out how to sell a house in Tucson, so take what you’ve learned here and make the right decision for your future in Arizona.
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