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  • Writer's pictureRachel Barrasso

February Market Stats

Welcome to another month of Tucson market stats! Since I know this is the highlight of your month, I'll get right to it!

This past month, the average home price for a single family home was $458,929, up by $2,568 from January. This is a significant jump up from the average home price in February 2023, which was $418,650.  A lot of people are waiting to buy because they think the housing market isn't strong. Others are (understandably) waiting until rates come down to buy. I recently wrote a post about why you shouldn't wait, and one great reason to buy now is the prices. Prices have been consistently on the rise! As long as you can comfortably afford today's rates, It's a good time to buy now and refinance later if and when rates come down. You'll get a lower payment and have more equity!

The average days on market was up this past month to 54 days! This is 11 days longer than homes sat on the market in January. It's pretty close to last February's 52 average days on market. Remember that here in Tucson we have the Tucson Rodeo in February! Maybe everyone is taking a break from house hunting and polishing their cowboy boots?

This February, there were 1,000 closed single family home sales compared with just 791 in January. Remember that those numbers have about a 30-45 day lag, as most people who find a house and go under contract in January, don't actually close until February. January would understandably have a lower number since many people have other obligations in December and have less time to look at homes. Only 945 homes sold last February, so you can see that the market is already picking up.

If you've been waiting out the market to see what happens, I fully understand that. However, in my non-future-knowing opinion, prices are only going to get higher, and, if rates come down, there will be MUCH more buyer competition out there! So if you see something you like now that you can comfortably afford until rates do improve, go for it! You'll get today's prices (which might be the best we get!) and you can refinance later (just don't bet on it).

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