An Autumn Outlook on the AZ Real Estate Market

October 15, 2015

 
There’s no doubt about it: 2015 has been a great year for those selling and buying homes in the state of Arizona. Phoenix has seen a real estate boom, and the Tucson market has been gradually gaining in strength.
 

Where Summer Left Us

By the end of the summer, several Phoenix-area suburbs had been ranked by a WalletHub study as among the healthiest real estate markets in the country. Gilbert (No. 11), Chandler (No. 22), Tempe (No. 28), Peoria (No. 35), Scottsdale (No. 36), and Mesa (No. 4) all made the top 50, as did Phoenix proper (No. 46). Tucson also slipped right into the rankings at the No. 49 spots.
 
These numbers appeared on the tail of reports that Phoenix’s housing market had fewer available listings on the market, with home prices falling on the slightly higher-end, with a median at about $220,000. Meanwhile, Tucson’s real estate market made it through the summer going strong—with median home prices set at around $175,000.
 
Despite the healthy summer numbers, Tucson’s market dropped off a little bit right at the end of August and going into September. This is probably because most of the college students and their parents who were buying homes in the area had already created a burst of sales that dropped off right when the semester started.
 

Looking Ahead of Autumn

Despite the drop-off, the Tucson-area market was looking good as of the autumnal equinox. Home prices are at a four-year high, and there are more houses listed than previously.
 
Sales in Arizona tend to be higher in the late fall, especially as snowbirds scout for places to park their RVs during the snowy months in other parts of the country.
 
The markets in North Tucson, Oro Valley, the Foothills, and the West Side close to Downtown are all looking particularly strong at this time. The Northeast Side and Sahuarita are also looking pretty good. 
 
The luxury market is good for sellers but best for buyers right now, whereas the market for more affordable homes is undoubtedly a seller’s market. There are plenty of available homes in Pima County, and the competition isn’t as stiff as it is in Mohave (currently the most competitive market in the state) or Maricopa counties.
 

The Takeaway

A study coming out of the business school at ASU late in the summer stated that the real estate market in Arizona was back to normal, as compared to the post-recession market. With population increases balancing out throughout the state, the market isn’t expected to get any better, but it is good enough that it doesn’t need to get better.
 
At the same time, the market isn’t expected to fall any time soon. Homes are still as cheap or cheaper than they were in 2008, which is a bonus in the face of inflation.
 
This is a good time to sell in Arizona, particularly in the Tucson and Phoenix metropolitan areas. And it is also a great time to buy!


 

Recent Blog Posts

Stay up to date on the latest real estate trends.

4 Ways To Prepare Your Tucson Home For A Higher Appraisal

June 23, 2022

A few essential tips to help you significantly boost your ROI.

Experience Pima Canyon Estates’ Striking Examples of Desert Modern Architecture

June 14, 2022

Fall in love with the modern desert home of your dreams.

Gray St. Onge’s Best Advice on Buying a New Build House

June 6, 2022

Experts weigh in on new constructions in Tucson real estate.

4 Tips for Outdoor Entertaining in Pima Canyon

May 15, 2022

Whether you’re hosting a birthday party or a book club, step up your outdoor entertainment game with these four helpful tips.

Ventana Canyon Estates: Inside Tucson’s Luxury Resort Lifestyle

April 21, 2022

Residents of Ventana Canyon Estates enjoy the finest luxury homes and best features of Tucson, Arizona.

4 Recently Sold Tucson Properties and What They Say About the Real Estate Market

April 13, 2022

Tucson luxury real estate is in high demand, and the four properties below will help to explain why.

Selling for Over $4 Million, Tucson Luxury Real Estate Hits Record-Breaking High at 1416 Smokey Springs

Jameson Gray & McKenna St. Onge  |  February 3, 2022

The property at 1416 Smokey Springs topped $4 million with the help of the Gray St. Onge real estate team

Inside Look at How We Sold Diane Keaton’s Reimagined Historic Mud Adobe Home

Jameson Gray & McKenna St. Onge  |  January 24, 2022

Take a peek at the vibrant style and amazing features of this home

5 Best Wineries Near Tucson

Jameson Gray  |  November 22, 2021

Wine is universal — no matter your tastes, there’s always a little something you’ll like.

LOCAL EXPERTISE. GLOBAL CONNECTIONS.


We offer the highest level of expertise and service with integrity. The Gray | St. Onge Group is a dedicated team with years of experience as leading real estate agents in Tucson, Arizona, and the surrounding area.

Contact Us