Home Prices near the University of Arizona

November 16, 2009 | By Kelley Koehler | Filed Under Market Discussion 

Got a question from a reader the other day about home prices near the University of Arizona.  In my October 2009 Market Report, I looked at how quickly home prices were decreasing per month, on average.  A reader asked me how the University area compared.

So.  If we look at the region between Stone and Country Club, Grant Road to Broadway, single family homes only, we find that the average home sales prices are:

 

2009 to date: $267,656

2008: $272,992

2007: $307,299

2006: $313,649

2005: $296,582

2004: $246,315

 

If we compare to Tucson area statistics, you can see the University area has higher average sales prices in general than the rest of Central Tucson.  This area includes some in-demand neighborhoods though: Sam Hughes, Blenman-Elm, West University – that tend to hold their value well. 

And like the rest of town, 2008 was a rough year for the average sales price.  In 2009 to date, we’ve had a much more moderate decline. 

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