Who would have thought in the spring of 2020 as we all prepared to lock down due to Covid-19 that we were on the precipice of an almost unprecedented world-wide housing boom? Low interest rates combined with many people’s newfound ability to work from home created incredible demand that most markets simply did not have the inventory to support and as a result prices have skyrocketed. Many locals have the same question—are we in a housing bubble and will the housing market in Tucson crash?
No one has that crystal ball—but the evidence sure doesn’t support a housing crash in the Tucson area anytime soon. When the pandemic hit, we saw a huge number of out of state buyers descend—and it was not just the usual snowbirds. Suddenly, working remotely was becoming mainstream—and people who had fantasized about never having to shovel snow again or contend with brutal big city traffic had the option to look for homes in mid-size cities like Tucson and our popular suburban areas like Oro Valley or Marana. Many people already residing in the area were on the move as well—some now needing extra square footage for home offices and places for kids to do their online classes. Everyone seemed to want more space—inside and out.
Additionally, the Greater Tucson area including Oro Valley is experiencing a lot of business growth as well as new companies continue to filter into the area. Existing major employers in the region also have a lot of relocation activity, which also fuels demand. The state of the stock market has encouraged those ready to retire to go ahead and do so if they are well-invested—and we all know that the area is a mecca for retirees. I’m pretty bullish on my outlook for the housing market here overall, and I don’t see a crash in the foreseeable future—barring something really earth shatteringly unexpected. (Even as I write those words I am thinking, gee whiz— what the heck could be more unexpected than what we have all gone through the last couple of years?? But I suppose one never knows!)
If you are thinking of buying or selling and you do nothing else—be informed and educated by the right sources. Don’t rely on national news—market conditions vary greatly in different areas of the country, and the numbers usually reported are averages and do not provide an accurate snapshot of what is happening locally. Trulia /Zillow/Realtor.com provide a bit more localized data but still have their limitations. The set-up “reality” real estate shows on HGTV or Bravo should be for entertainment purposes only, and your well- meaning Uncle Fred gleaning his real estate information from NextDoor comments probably is reporting opinion rather than the actual numbers. You need data extrapolated directly from the local MLS— no “ifs”, “ands” or “buts”, and even better—connecting with an agent who is is familiar with your neighborhood is even better. Not ready to talk with an agent? No problem! Long Realty combs through the data and has an amazing system showcasing 26 different geocentric market reports for the Tucson region. You can’t get any more local or specific than that! The reports are delivered in easy to understand graphs and images, and provide a wealth of data in a digestible format. These reports are available to you through our website—NO signup required, lurkers welcome! 🙂
Simply click on the housing reports link to see what is happening in your specific area—no signup or email required!
We are thrilled to be real estate agents specializing in Oro Valley and N, NW and NE Tucson! Please contact us anytime—we would love to assist you!