The housing market in Tucson hasn't seen the dramatic spikes like Phoenix, but it has shown a steady upward trend. In early 2021, the median sale price for single-family homes in Tucson was around $285,000, and by 2026, it has risen to about $365,000. This amounts to an approximate increase of 28% over five years.

Year by year, the most significant rise occurred between 2021 and 2022, and since 2023, the growth rate has noticeably slowed. Due to the impact of interest rate hikes, the market has been nearly flat from 2023 to 2024, and in the past year, there has even been a slight adjustment.

Compared to the national average increase of about 35-45% over five years, Tucson's 28% growth rate is relatively low. Within Arizona, it has shown a more moderate trend than Phoenix, which can be interpreted as Tucson being more focused on genuine demand rather than speculative demand.

Factors supporting the Tucson market include a stable employment base centered around the University of Arizona, the presence of defense and aerospace industries, and still relatively affordable prices compared to Phoenix. There is also a steady demand for retirement relocation, and this genuine demand seems to have mitigated both sharp rises and falls.

However, recently, the increase in new building permits has gradually expanded supply, and high mortgage rates have led to a significant backlog of buyers waiting to purchase. These two factors may result in a continued moderate trend rather than large price fluctuations for the time being.

The future of the market appears uncertain, making it difficult to predict either a sharp rebound or a sharp decline. However, due to the solid foundation of genuine demand, it is expected that volatility will remain relatively low compared to other Sun Belt cities.

For Korean households, Tucson is a market with relatively low entry barriers. Whether for investment aimed at rental income or for personal residence, in a period of stable prices like now, a careful consideration of school districts and living infrastructure seems to be a more effective approach than rushing into decisions.

The above figures are reference points based on data from local real estate agent associations and Zillow at the specified times (January 2021, April 2026), and there may be variations by specific areas.