New Construction, Housing Market & Real Estate

• In the first nine months of 2024 (January through September), there were 331 new single-family residential (SFR) home permits issued throughout Cochise County, down 15.3% from the same period of 2023. That followed a 4.3% annual decline for all 2023 (after a 20.4% increase in 2022 with 508 permits issued that year, the most in a single year since 2006). The drop in new home permits in 2023 (continuing into the first three quarters of 2024) followed seven consecutive years of growth (coming off a low of just 139 back in 2015—the lowest since 1991).
• The average SFR permit value countywide in the first nine months of 2024 was $141,961, down 9.7% from the 2023 annual average. The average new home permit value in Cochise County peaked at $201,980 in 2019 before falling 17.3% in 2020 and 20.0% in 2021. That was followed by growth of 15.3% and 2.1% in 2022 and 2023, respectively. The average value of a new home permit in Cochise County in the first three quarters of 2024 was down 29.7% from the 2019 peak. (Note: New home values do not include the value of land and are influenced by numerous factors including home size, amenities, builder, and site location.)
• Of Cochise County’s seven municipalities, Sierra Vista saw the most new SFR home permits in 2023 at 56, up from 52 in 2022. Benson followed closely at 53 new home permits in 2023, down by nearly three quarters from 103 in 2022 (the most since 2006 and the second highest on record, with records back to 1996). In 2022, Benson new-home permits were nearly double those issued in Sierra Vista; the year 2022 was also the first year on record that Benson, or any city in Cochise County, issued more new-home permits than Sierra Vista—the county’s largest city. Douglas, which is Cochise County’s second-largest city, issued 14 new-home permits in 2023, the same number as the year prior.

See spreadsheets below for current & historical Cochise County (including city and town) building permits data (number of permits by single- and multi-family units and total/average permit value)

• In the third quarter of 2024 (July through September), 361 homes were sold in Cochise County, according to data from Arizona Regional Multiple Listing Service. That was down 5.0% from the third quarter of 2023.
• The median price of homes sold in Cochise County in the third quarter of 2024 was $270,000, up 6.1% from a year prior (note: home prices are impacted by factors such as home size, lot size, and amenities [fireplace, garage, pool, spa, etc.]).
• The average home sold for 94.8% of the asking price in the third quarter, down slightly from 95.0% the same period a year ago.
• The average cumulative days on market for homes sold in the third quarter was 94, up from 69 days in the third quarter 2023.
• As of the third quarter 2024, there were 407 homes listed for sale in Cochise County, a 4.0-month supply (up from 348, a 2.8-month supply, a year ago).

For the most recent monthly housing market data (median listing home price, median listing home price per square foot, median sold home price, sale-to-list price ratio, median days on market, and more), select a geography:

• Cochise County
• Sierra Vista
• Douglas
• Benson
• Bisbee
• Willcox
• Huachuca City
• Tombstone

See spreadsheets below for current and historical housing market data for Cochise County