Home Values in Tucson, AZ: Current Trends and Insights
Musing over home values in Tucson, AZ? Whether you’re planning to sell, looking to drop PMI, or just keeping an eye on the local market, knowing your home’s worth can help guide your financial decisions.
In this article, we’ll explore the latest home price trends in Tucson and share practical tips for getting an accurate home value estimate. We’ll also discuss strategies to maximize your home’s value and introduce you to useful tools that can help you achieve the best possible price when you’re ready to sell.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Tucson, AZ
Since 2020, the median home value in Tucson has shot up 37%. At the beginning of the decade, the average home sold for $255,000, but by June of this year, that figure had risen to $370,000, according to data from the Tucson Association of Realtors.
Tucson metro area cities that have seen the biggest jump in home prices in the past five years include Sonoita, Tortolita, Catalina, and Three Points. “There’s a sector of the housing market that has been sitting on the sidelines, and that’s the investors,” said Jim Daniel of R.L. Brown Reports in a recent interview with the Arizona Daily Star.
“Having them sit out has been positive for prices, but if interest rates go back down, investors will be back.”
The table below shows how significantly home prices have increased in the Tucson region over the past five years:
Year
Median home price
Percent change year-over-year
2024 (June)
$370,000
+2.5%
2023 (annual)
$369,680
+3.6%
2022 (annual)
$357,000
+13.7%
2021 (annual)
$314,000
+23.1%
2020 (annual)
$255,000
+9.4%
Source: Tucson Association of REALTORS®
This trend isn’t exclusive to the Old Pueblo; it’s happening all over the United States. Data from the Case-Shiller National Home Price Index reveals that U.S. home prices have surged 47% since early 2020. As a result, homeowners across the country have accumulated substantial equity in their homes.
ICE’s Mortgage Monitor report highlights that as of early 2024, the average equity for a mortgage-holding homeowner has reached approximately $299,000. Homeowners can use this equity for various purposes, such as buying a new home, renovating, paying off debts, or investing for the future.
Up next, we’ll explain how to accurately estimate the value of your Tucson-area home.
