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:

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.