Tucson

Record high rent and house prices continue in 2022 – Tucson, Arizona

Tucson, Arizona 2022-01-12 18:48:04 –

Tucson, Arizona (KGUN9) — The Tucson Real Estate Association has released its 2021 annual report. Home prices and rents have continued to rise from 2020 levels, reaching record highs.

Home prices soared in 2021 and the median selling price in the Tucson region rose 23% to $ 314,000. The Tucson Real Estate Agents Association says limited inventories continue to clash with high demand and new construction could not keep up.

“Material costs have risen and waiting times have increased,” said Matthew Landau, a long-realty real estate agent. “If you try to buy an appliance that is taking a long time, you can see it.”

According to Landau, some of the biggest price increases in southern Arizona have occurred in Santa Cruz and Cochise counties, as well as in the suburbs around Tucson.

“There is Oro Valley and there is new development in Marana. If you go to Safarita, there are still developments on the west and east sides. If you get off near the veil, there are new developments everywhere,” Landau says.

Rent is also rising. In December, single-family home rents rose more than 13% year-on-year. The average is over $ 1800 a month.

“I’ve seen a house somewhere between $ 1,400 and $ 2,500 or more, depending on where you are in town,” he said.

According to Landau, the high rent is a great reason to consider buying a home. Saying that your monthly rent may be less than what you are paying for your rent.

“You are building your own equity, it’s an investment,” he said. “If you’re lucky, put some money in your pocket.”

However, interest rates are expected to rise next year, and the Tucson Real Estate Association states that concerns about affordable housing will continue into 2022.

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Record high rent and house prices continue in 2022 Source link Record high rent and house prices continue in 2022

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