Check out the following snapshot of the Catalina Foothills Single Family Home Market as featured in 4 charts spanning the period of Jan 1 - May 31 from 2019 - 2024
Including,
: # Homes Sold up to $999,999
: # Homes Sold at $1m+
: Median Sold Prices
: Median Days on Market
The Catalina Foothills single-family home market, where the once-thriving segment of homes were priced under $1 million, is experiencing a dramatic shift, with sales of homes under $1 million plummeting 41% since 2020. Meanwhile, demand for luxury homes ($1 million and above) has skyrocketed, with sales surging 354%. This stark divergence, coupled with a 57% jump in median sold prices since 2020 and way too high mortgage rates, is reshaping the landscape of homeownership in the Foothills, making it increasingly challenging for many buyers to enter the market.
As Ralph McLaughlin, senior economist at Realtor.com, said in a Bloomberg article “You can have high prices or you can have high mortgage rates, but you can’t have both.”
Catalina Foothills Single Family Homes
John Schneider, Realtor® | Tierra Antigua Realty
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The homes noted in this post are homes that have been listed and sold by us, the Realtors® of the Multiple Listing Service of Southern Arizona, the MLSSAZ