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New home prices rise to more than $300k for the first time in Tucson

Posted at 4:57 PM, Jul 02, 2018
and last updated 2018-07-02 21:23:08-04

New home prices in Tucson are on the rise as the median price of a new home is now over $300,000. 

It's the highest it's ever been to purchase a new home in the Old Pueblo. 

President of Tucson Association of Realtors, Ginny Huffman says the city is starting to attain higher paying jobs with Raytheon and Caterpillar expanding even Amazon bringing a shipping warehouse to Tucson. 

RELATED: Amazon to hire 1,500 at new Tucson center

RELATED: New buildings, new jobs at Raytheon

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"We've been a retirement community but now I think we're starting to come out of that," says Huffman. 

Marana and Oro Valley are also joining in on the upswing. "Very large demand with all these companies moving in and bringing in new employees there's def a shortage."

Another reason contributing to high cost is the cost of construction has gone up considerably.

Construction companies trying to cover their costs including materials, lumber, concrete, and steel to build your dream home. 

"We are starting to see an uptick because we're less and less of a resort style town with a lot of the companies coming in. The new employment, higher level employment and that's also contributing to the cost of living."

The price for resale homes is still between $200,000 - $250,000.
Huffman says, "I still think that the over 300 price tag is going to be a tough one to sell."