Tucson’s Housing Market Pulse – January 2025
Ben & Kim Boldt – Tucson’s Top Realty Team
The January 2025 Tucson Housing Market Pulse shows the Median sales price for increased 2.8% from January 2024 and stands at $365,000. As for the average sales price, it increased 8.0% over January 2024. January 2025 home sales were the lowest of any month in the last 3 years at 876.
Median days on market was 34 for January 2025. That’s an INCREASE of 8 days from the prior year.
One more thing, the ratio of sales price to list price was 97.9% for January 2025. Active listings at the end of January stood at 4,355. Single-family at 3.567, Townhouses at 283, Condominiums at 226 and Manufactured homes at 217.
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The Tucson Housing Market Pulse January 2025 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
Our online review of mortgage rates as of February 11 has rates at 6.98% for 30 years fixed and 6.32% for 15 years fixed. Of course, credit scores and regional incentives would affect these rates. Rates have trended upward since late 2024 and early 2025. Many economists predict that mortgage rates will mostly hold between 6 and 7 percent throughout much of 2025. But remember that rates change frequently, and fluctuations can happen in response to various market forces and Federal policy.
Demand
January 2025 sales of 876 homes. The lowest in the last 4 years. Lower unit sale, but median and average price were up 2.8% and 8.0% from January 2024. So, unit sales are down, but prices – year over year – are up. And the ratio of sale price to list price is at 97.9%
Interest rates may be slowing sales, but buyers are paying close to list for a Tucson home.
> Inventory Of Homes for Sale
New listings came in at 2,217 in January. An increase of 477 over the prior year. By the way, that is 27.4%. It is likely interest rates continue to keep the “move up” buyers in their homes. Swapping a 3.25% mortgage rate for 7.0% is a challenge, however it is possible reality is setting in that rates under 5% are not in the foreseeable future.
> Prices
Prices continue to increase year over year as shown above the median sales price was up 2.8% year over year.
> The Bottom Line
Mortgage rates held around 7.0% in January 2025 and may not decrease during the 1st half of 2025 as had been suggested.
No change in the near-term outlook! Prices up and home inventory increasing but not glutting the market. Will some snowbirds put their home on the market as they head to their summer homes?
We will find out fairly soon.
It’s deja vu all over again on new construction. New home builders are steadily raising prices in response to demand with low resale inventory. Most buyers are happy as well to get a new home and not need to remodel anything. New home builder incentives may also play a part in the new construction option.
Considering A Home Tucson – Give Us a Call
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Conclusion
Not much change in the January 2025 Tucson Housing Market Pulse other than the TAR data changes.
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Go to the Tucson Housing Market Pulse archives for a look at recent housing reports and trends.
By the way, if you missed last month’s issue of the Tucson Housing Market Pulse its right here December 2024 Tucson Housing Market Pulse.