A REAL ESTATE PRICES DROPPING IN TUCSON?

Tucson Housing Market: A Shift, Not a Drop

The Tucson housing market has been a hot topic for a while. In the past year, there's definitely been a change, but is it a sign of prices dropping? Let's dive into the data.

Looking Back: Steady Rise

Tucson's housing market has seen consistent growth. Median sale prices have gone up year-over-year, with April 2024 showing an 8.7% increase compared to the previous year [Redfin]. This trend aligns with national trends of a seller's market.

The Shift: More Balance

While prices haven't dropped dramatically, there are signs of a shift in particular areas of Arizona. Inventory levels have risen significantly, giving buyers more options [Steadily Landlord Insurance]. Additionally, the sale-to-list ratio has dipped slightly, indicating houses are selling closer to asking price, rather than above [Redfin]. This suggests a more balanced market compared to the previous year's frenzy.

Short-Term Forecast: Micro-Fluctuations

Experts predict slight price fluctuations in the short term. Norada Real Estate forecasts a minimal dip followed by a small rise by year-end, with a more substantial increase projected for 2025 [Steadily Landlord Insurance].

So, Are Prices Dropping?

Not quite. While the market is finding its new equilibrium, there's NO indication of a significant price decrease. The long-term forecast remains positive for Tucson's housing market (3-4.5%)