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Tucson, AZ Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Tucson, AZ Housing Market Trends

With 542,629 people, 215,943 houses or apartments, and a median cost of homes of $254,769, Tucson real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Tucson, accounting for 53.60% of the city's housing units. Other types of housing that are prevalent in Tucson include large apartment complexes or high rise apartments ( 24.66%), row houses and other attached homes ( 7.84%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.18%).

People in Tucson primarily live in small (one, two or no bedroom) single-family detached homes. Tucson has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Tucson built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Tucson built between 1940-1969 ( 29.60%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.58%). There's also some housing in Tucson built before 1939 ( 3.45%).

Vacant housing appears to be an issue in Tucson. Fully 10.32% of the housing stock is classified as vacant. Left unchecked, vacant Tucson homes and apartments can be a drag on the real estate market, holding Tucson real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Tucson Home Appreciation Rates

In the last 10 years, Tucson has experienced some of the highest home appreciation rates of any community in the nation. Tucson real estate appreciated 148.07% over the last ten years, which is an average annual home appreciation rate of 9.51%, putting Tucson in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Tucson definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Tucson that despite a nationwide downturn in the housing market, Tucson real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Tucson appreciation rates continue to be some of the highest in America, at 20.85%, which is higher than appreciation rates in 85.58% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Tucson. Tucson appreciation rates in the latest quarter were at 4.41%, which equates to an annual appreciation rate of 18.85%.

Importantly, this makes Tucson one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Arizona, our data show that Tucson's latest annual appreciation rate is lower than 70% of the other cities and towns in Arizona.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Tucson differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Tucson - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Tucson real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$254,769

Tucson, AZ HOME PRICES

> $1,590,000
$1,193,001 - $1,590,000
$795,001 - $1,193,000
$636,001 - $795,000
$477,001 - $636,000
$318,001 - $477,000
$159,001 - $318,000
$80,001 - $159,000
$0 - $80,000
0.5%
0.5%
0.5%
0.5%
1.8%
1.8%
2.3%
2.3%
6.0%
6.0%
21.8%
21.8%
45.8%
45.8%
12.0%
12.0%
9.3%
9.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for AZ

Value Relative To Nation

Number Of Homes And Apartments:
215,943

Tucson Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
164.41% 4.42%
5
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,386 / per month

Homeownership Rate

Owners
Renters
Vacant
49.2%
49.2%
50.8%
50.8%
10.3%
10.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
15.6%
15.6%
51.4%
51.4%
29.6%
29.6%
3.4%
3.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
53.6%
53.6%
7.8%
7.8%
7.2%
7.2%
24.7%
24.7%
6.6%
6.6%
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.4%
4.4%
18.5%
18.5%
26.3%
26.3%
35.9%
35.9%
13.2%
13.2%
1.6%
1.6%
0.0% 100.0%
% OF HOMES