When you're a real estate agent, people love to talk to you about the real estate market. Over the past year or so, I've had many conversations that start like this. "Hey, I read on the news that home prices are plummeting", or "I heard home prices have fallen by 20%", etc. Well, the truth is that here in Tucson, our housing market is the little engine that could! It continues to climb slowly yet steadily.
The average home price in January was $483,220. This is up from both the previous month ($454,492) and the previous January ($454,546). Despite what you may have heard, prices are not falling here in Tucson. While they are not climbing like they were in a few years ago, they are certainly not getting any lower.
Homes are taking a little bit longer to sell these days. The average time on the market is 59 days this past month compared to 55 last month and only 44 last year. Remember that this is just an overall average and some areas will have a much lower or higher average time on the market. That's why it's best to get a local agent who knows your area well!
Only 831 single family homes sold this past month, fewer than the 980 in December! It's not surprising that January doesn't have many transactions. Most transactions take about 30 days from start to finish, and not a lot of people are searching during the busy month of December! Last January, only 800 single family homes sold, so we are starting off 2025 with an improvement!
If you've been waiting to buy or sell, I won't say "this is going to be the year to buy!" I don't think there is going to be any reason that this year will be a big improvement on rates, although they will hopefully continue their overall downward trend. I don't think prices will change a lot in either direction. While there are quite a few unpredictable elements in the market and overall economy right now, I don't have any reason to believe this will be a remarkable year in real estate. But what I do know is that over lifetimes, real estate is a great way to build wealth. You start to build equity the day you close on a home. So, if you're waiting, what are you waiting for?
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