Tucson Market Update January 2021
With the pandemic finally approaching its end, people are preparing to relocate at a rate higher than we’ve seen in a decade.
The pandemic’s financial realities and the shift to long-term work from home arrangements will lead many Americans who live in expensive cities to migrate to more affordable alternatives.
Real estate brokerage Redfin predicts that we will see a spike in relocation rates in 2021. Tucson, Arizona, is slated to be one of the hottest housing markets this year, alongside San Antonio and Tampa, Florida, as more people migrate from more expensive cities like Phoenix, Austin, and Miami.
On average, Tucson homes cost 21 percent less than homes in Phoenix — Tucson with an average cost of $265,000 compared to Phoenix’s $336,000.
The move to Tucson is an obvious choice for those facing financial hardship due to the pandemic. Cheaper rates are also more attractive to big tech and similar employees who now permanently work from home and are looking to stretch their paycheck’s buying power.
In general, the housing market is expected to remain strong through 2021 as the economy recovers from the recession brought on by the pandemic. Mortgage rates below three percent will continue to attract buyers through early 2021.
Later in the year, with the worst of the pandemic hopefully behind us and the economy entering recovery, a new batch of home buyers and sellers will be introduced to the housing market, making 2021 potentially the strongest year of home sales since 2006.
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For four decades, Fairfield Homes has built some of Southern Arizona's most highly sought-after, master-planned communities. We are intentional about the land we select for our communities — finding awe-inspiring mountain views and lush desert landscapes with distinctive characteristics.
We build every home with uncompromised craftsmanship, tailored customization, and optimized breathtaking views to make your home a paradise. Explore our variety of beautiful homes and vibrant communities today!