Single-family homes bring in more money than Tucson residents, on average

TUCSON, Ariz. (KOLD News 13) – Houses make more money than people in metro Tucson. The Tucson Association of Realtors (TAR) reports that the increase in the median price of a single-family home now exceeds the average salary.

This booming housing market has sellers receiving cash offers, with offers well above the asking price. This puts a lot of stress on buyers who are ready to upgrade, downsize or buy their first home.

“The speed of the market is what makes it so difficult,” said Lisa Nutt, who chairs the TAR Housing Opportunities committee. “It’s all rooted in the fact that we’re running out of inventory.”

Nutt, who is also a realtor, says more than 10,000 homes were on the market when inventory peaked in 2011.

“This week, 1,400 homes are available for sale,” she said.

According to TAR, the median price of a single-family home in Tucson is up about 23% year-over-year, with the median single-family home valued at just under $330,000. That’s an increase of about $76,000.

Nutt says the average annual salary in Tucson is around $55,000.

“[The housing market] outrun [wages],” she said. “Part of that has to do with investors coming in and buying a percentage of the properties. and they can close in less than two weeks.When you have a certain percentage of these types of trades in your market, the median will increase.

Nutt says it’s unusual for the median year-over-year increase to hit double digits.

“Year to year, an appreciation of around 5% to 10% would be more typical,” she said.

As baby boomers downsize so they can stay at home longer, Nutt says millennials are still the largest buyer group.

“Just in numbers, they’re outnumbered and they’re entering their prime home-buying years,” Nutt said. “What this means is that when something becomes available there are often multiple offers; depending on the price. »

This can make closing a home incredibly frustrating.

“Perseverance is the key!” said Nutt. “Keep on going. I just had a contract client last week after months of searching and searching and bidding and bidding.

Those looking for help with mortgage applications, help with making a down payment, preventing foreclosures and evictions, rent relief, and information on how to enter the housing market. can speak with experts this Saturday at the Tucson Convention Center (TCC).

“We’re here to clarify their goals and identify steps to help them get there,” Nutt said.

The TAR Housing Conference will take place on Saturday, April 9 from 9 a.m. to 2 p.m. on the east side of the TCC (behind the main ticket office). It’s free! Government agencies, non-profit organizations, lenders, property managers and real estate agents will be available to answer questions. The first 150 guests will also receive free tickets to the Southern Arizona Home Builders Association (SAHBA) Home & Garden Show, which is also back this weekend at the TCC.

Copyright 2022 KOLD News 13. All rights reserved.

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