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Tucson real estate market overview
- Average Monthly Rent: $1,262
- Home Price/Value Percentage Change: 3.90%
- Median Home Value: $313,010
- Best Time To Sell a Home: March
- Affordability Index: Moderate
- Days To Sell a House: 55
- Job Market: Weak
- Public School Ranking: 48
Location and weather
Tucson is the county seat of Pima County and is the second most populous city in Arizona. Tucson's beautiful city is surrounded by mountains, with Santa Catalina Mountains to the north, Rincon Mountains to the east, and Tucson Mountains to the west. Tucson is best known as the home of University of Arizona, but it has many other great qualities to offer as well. Special cuisine, an exciting downtown, and a variety of festivals, art and other entertainment make this city a desirable place for tourists and new residents alike.
The weather here is hot, and there is monsoon season which entails thunderstorms and potential dust-storms.
Population, job market and cost of living
The population in Tucson is 549,382 in 2023, with a growth rate of 0.41% annually.
The job market has decreased by -3.6% over the last year. Tucson has an innovative economy and has been ranked as one of the top 5 areas for aerospace manufacturing, research and development, industrial technology, assemble distribution and warehousing. Education, tourism and optics industries have found success here as well. In ten years, job growth is predicted to be 33.1%.
Tucson is one of the more affordable cities to live in Arizona, with lower housing costs and an overall lower average cost of living than Arizona and the US average.
Tucson real estate market details
- Old Fort Lowell
- Dunbar Spring
- Armory Park
- Barrio Viejo
- Sam Hughes
- Civano
- Highland Vista Cinco Via
The average monthly rent is $1,262 for an average apartment size of 767 sq. feet.
There has been a 3.9% increase in median home value over the last year. As of 2023, the median home value is $313,010.
On average, homes in Tucson sell after 55 days on the market.
March is the best time to sell a home for the highest value sale. October is the best time to sell for the quickest sale.
The affordability index in Tucson is 96. This number indicates moderate affordability in this city.
The top ranked public schools are Legacy Traditional School—Northwest Tucson, Mesquite Elementary School, University High School, Orange Grove Middle School, Sky Islands High School and Empire High School. This information is supported by data measuring academic performance and equity.