Nestled in the expansive Sonoran Desert, Tucson stands as the second-largest city in Arizona (surpassed by Phoenix) and boasts a community of college students, families, and retirees. And if you’re looking to become part of this community, you may want to get familiar with the current land market outlook.
A Quick Overview of Market Trends 2022-23
Tucson’s land market has strengthened since December 2022. Prices are increasing, and land is selling quickly in the first quarter of 2023. At the end of 2022, quarter four started slowly in the land market because of the federal government’s increased interest rates in quarter three. This caused buyers to become cautious and push back on land purchases. As quarter one continues, realtors are seeing an increase in land sales throughout Tucson.
Predictions Broken Down by Tucson Communities
The Foothills, an area from north of River Road to the Catalina Mountains, had five closings in quarter four, starting at $165,000. This sector had a slow fourth quarter, but sales showed an increase in the first quarter. Land near Oracle and Savelene Cameron Road is seeing more sales. One deal included an older one-acre lot that sold for $420,000.
Different desirable areas around Tucson are selling, including the Catalina Foothill Estates and La Puerta. So far, Buy Tucson Lots has had eight closings in quarter one and expects five or six more sales before the quarter ends. There is a strong trend in land prices in the north Foothills section, as most buyers are looking to build luxury homes on land sites in that area.
In quarter four, Buy Tucson Lots had six sales ranging from $130,000 to $280,000 in Oro Valley, considered a typical quarter for this popular area. So far, there have been five sales in quarter one, and we predict five to six more sales by the end of the quarter.
The real estate market in Oro Valley is currently experiencing an upward trend. One of the gated communities in the area recently saw a lot sell for $500,000, while another in an ungated location at 881 East Linda Vista Boulevard was sold for $330,000. This increase in sales has led to increased inquiries and sale prices.
Home values are typically lower from I-10 to the West Side of the Tucson Mountains. This area offers affordable homesites to buyers looking to purchase land in Tucson. The West Side will continue to have more activity than Oro Valley and the Foothills because more vacant lots are available there. In quarter four, the West Side had ten sales total, six of which sold for under $200,000, giving buyers a better understanding of the cost-effective land opportunities they can find here.
At the end of quarter four, lots on the West Side started to sell for over $200,000, and most one-acre lots were going for $220,000 to $240,000. In 2022, similar lots sold for $175,000 to $185,000 max. This trend is an important factor for people looking to sell their property. So far in quarter one, five sales have been made. Buy Tucson Lots expects to sell around ten properties by the end of the quarter, and we notice that buyers are getting great deals for around $200,000.
Of the three areas mentioned, Oro Valley and The Foothills have the most vacant land because of the limited development. Most of the lots in the area are already owned by neighboring homeowners who value privacy and freedom to expand their property, so realtors only have the current inventory of vacant lots to offer buyers. Instead, West Tucson offers more infill lots and areas that could be developed for buyers.
If you are currently in the market searching to purchase your ideal parcel of land, contact Buy Tucson Lots by phone at 520.918.5477 or by email at firstname.lastname@example.org. I’ll help you find the best lot of vacant land for you in the best locations around Tucson, Arizona, that fit your budget and your family’s lifestyle.