The novel coronavirus that has been wreaking all sorts of havoc across the globe, including financially. But one area it hasn't had an adverse effect on is the Tucson housing market- despite experts predicting it would. In fact, quite the contrary. 

Tucson's housing market is actually in the midst of a surprising boom. Prices have risen and interest rates have plummeted, which has taken even the local realtors by surprise. "Our market has been absolutely crazy," Tucson realtor Greg McCown told KGUN9.com. "“For buyers, interest rates can't be beat. I mean interest rates are incredible. I mean under three-percent for a 30-year fixed rate mortgage? When I first got in this business, this was 26 years ago, we were lucky to get seven percent,” said McCown.

McCown went on to say that he, as well as fellow realtors in the area, think that local interest rates will remain low in 2021. He also likens the boom to what happened in 2007, when prices skyrocketed en masse. But he does spot a few key differences, not the least of which is the reaction in the nearby Phoenix market, which often serves as an indication for how Tucson will fare in the ensuing days and weeks.

McCown also made a point to say that it's not so easy to be a buyer in the Tucson market right now, but that at the end of the day, with the high prices and low interest rates, the current situation is simultaneously both a buyer-friendly and seller-friendly market.