Have you entered the Tucson real estate market as a buyer or a seller? You’ve inevitably heard “location, location, location.” This mantra refers to identical homes increasing or decreasing in value based on where they’re located. You’re probably interested in the median home value in Arizona.
In today’s housing market, home prices are appreciating quickly. It’s important to know that not every home appreciates at the same rate. The map below demonstrates that point on a state-by-state basis using data from the National Association of Realtors. Home values vary widely by state.
How is Arizona doing in terms of home values? The map shows that the median home value in Arizona is $224K. That means that half of Arizona homes fall below that value, and half are above it.
Demand often dictates value, even for houses in the same area of the country! High demand for starter and trade-up homes has driven prices up by nearly 10% over the past year. Those in the premium markets have appreciated at closer to 6%.
If you are debating whether or not to buy and/or sell a home this year, let’s get together. I’d love to talk to you about what’s going on in the Oro Valley, Marana, Dove Mountain, Catalina, or Northwest Tucson markets.