Tucson, AZ Metro Area Housing Market Analysis - November 2024
The Tucson, AZ metro area housing market in November 2024 presents a complex landscape with varied trends across different metrics. The Median Sales Price has increased by 3.9% year-over-year, reaching $370,950. This indicates a steady appreciation in home values, despite a decrease in the Median List Price, which has fallen by 2.4% to $379,800. This divergence suggests a potential shift in seller expectations or market dynamics.
In terms of Price Per Square Foot, the Median Sales Price per square foot has risen by 1.9% to $221.83, while the Median List Price per square foot has seen a more significant increase of 4.6%, reaching $231.23. This could imply that while sellers are listing homes at higher prices per square foot, buyers are negotiating sales at slightly lower rates, possibly due to increased inventory levels.
The number of Homes Sold has grown by 3.5% year-over-year, totaling 916 units. This increase in sales is accompanied by a substantial rise in Pending Sales, which have surged by 13.1% to 1,126. However, New Listings have decreased by 2.4%, totaling 1,182, indicating a potential tightening of supply in the market.
Inventory levels have expanded significantly, with a 23.7% increase year-over-year, reaching 4,205 homes. This rise in inventory is reflected in the Months of Supply, which has seen a dramatic 80.0% increase, now standing at 4.60 months. This suggests a shift towards a more balanced market, potentially easing the competitive pressure on buyers.
The Median Days on Market have increased by 9.0% to 59 days, indicating that homes are taking longer to sell compared to the previous year. This could be a result of the increased inventory and the slower pace of sales relative to New Listings.
The average sale to list ratio has slightly decreased by 0.7%, now at 97.7%, suggesting that homes are selling closer to their list prices than before. The percentage of Homes Sold above list price has dropped by 5.4% to 13.2%, further indicating a cooling in competitive bidding scenarios.
Price Drops have seen a marginal decrease of 0.5%, now at 26.0%, while the percentage of homes going off the market within two weeks has declined by 8.8% to 23.2%. These trends suggest that while sellers are adjusting prices, the urgency among buyers may be diminishing.
Overall, the Tucson housing market in November 2024 is characterized by rising sales prices and increased inventory, with a notable shift towards a more balanced market. Buyers may find more opportunities with the increased supply, while sellers may need to adjust expectations in response to changing market conditions.
