Tucson, AZ, celebrated for its stunning desert vistas and lively cultural atmosphere, offered a unique residential appeal that drew in both families and retirees. In December, the city’s real estate market unveiled a series of exciting developments that mirrored broader national trends while also showcasing local peculiarities.
Inventory Trends: Expanding Choices for Tucson Buyers
In December, Tucson experienced a notable 14.2% increase in active listings compared to the same month last year, reaching a total of 2,490. This surge in inventory outpaced the national growth rate of 12.1%. The city also welcomed 690 newly listed homes, marking a 4.9% increase year-over-year, in contrast with a national decline of 1.8%. The combination of rising active listings and increased new listings suggested a shift toward a more balanced market in Tucson, offering buyers a wider array of choices.
Price Trends: Tucson’s Housing Prices Offer Competitive Edge
The median listing price in Tucson was $370,000 in December, reflecting a 2.0% decrease from the previous year. This decrease was more pronounced than the national median price decline of 0.6%. Additionally, the share of listings with price reductions in Tucson was 13.2%, a slight drop from last year by 0.5 percentage points, while the national trend saw a minor increase. These trends indicated a softening in Tucson’s housing prices, presenting buyers with more competitive and appealing options.
Time on Market: Longer Listing Times Present Opportunities
Homes in Tucson spent a median of 65 days on the market in December, which was a 10.3% increase from the previous year. This was shorter than the national median of 73 days, which increased by 5.0% year-over-year. The longer time on market in Tucson suggested a cooling in buyer activity and possibly higher inventory levels compared to demand, providing buyers with the chance to thoroughly explore their options and negotiate favorable terms.
For buyers in Tucson, the increased inventory and slight decline in prices presented an enticing opportunity to find their ideal home in December. With more choices and competitive pricing, buyers were in a prime position to secure great deals. As Tucson’s market edged toward a more balanced state, those looking to buy benefited greatly from staying informed on these dynamic shifts…