Jesse Lapham
Realty Executives Arizona Territory
As a professional realtor with years of experience in the Tucson area, I am often asked about my thoughts on the current state of the local real estate market. And let me tell you, the Tucson real estate market is currently thriving!
Despite the occasional ups and downs that are characteristic of any market, the Tucson-area real estate market has been experiencing continuous growth for decades. This growth can be attributed in part to the steady increase in population in the Southwest region, which has led to a robust real estate market that has yielded solid returns over the short, medium, and long haul.
Of course, some of you may be worried about the current economic uncertainty. And yes, there is cause for concern. However, financial data from the last six months have shown that inflation is easing, the job market is strong, and there are signs of hope for an economic upturn nationwide. Plus, mortgage interest rates have recently been slightly reduced, which bodes well for the housing market.
The supply and demand for housing in the Tucson area are well balanced, neither favoring buyers nor sellers. Homes are taking a more traditional amount of time to sell, and the average home price in the greater Tucson area is in the low $300,000s, consistently rising, which is a positive indicator for the housing market in general.
Compared to the recent past, we're now in a much more "normal" market condition. However, the Tucson market is still highly competitive. We're still a bargain compared to other metropolitan areas. Southern Arizona, particularly in the Tucson area, has solid job markets, making it an attractive place for people to live and work.
In conclusion, if you're a buyer or seller, now is a great time to act on your real estate needs in the Tucson area. Of course, overall economic uncertainty should be kept in mind, but I'm confident that our real estate market will continue to stay strong. And if you have any questions related to real estate, feel free to contact me.
