Tempe AZ Real Estate Housing Market Report - December 2021
At the same time, the average sold price per square foot decreased after increasing the previous two months. The average sold price went from an all-time high of $293/sf in November to $289/sf in December.
After remaining the same as the month before in November, Tempe days on market shot up significantly to end the year. Days on market went from 32 DOM in November up to 50 DOM in December. Even though the trend has seen days on market increasing, 50 DOM is still low, and homes in Tempe are still selling fast.
The number of new listings decreased for the fourth straight month, dropping from 119 in November to 98 in December, yet they are 25.6% higher than in December of last year. The number of active listings dropped for the second straight month, from 197 in November to 157 in December. This is typical of what you would see in the last few months of the year, as fewer homeowners decide to sell during the winter. The number of active listings are lower than they were in December of last year by -12.8%.
Active listings are lower than they were last year at this time. They are significantly low historically, and the lack of homes for sale continues to drive demand and home prices higher. We can expect home values to continue to increase as long as the inventory remains low.
With that said, median home values in Tempe have increased an average of 23.3% since December of 2020. With interest rates remaining around 3.3%, there will still be more buyers looking to purchase heading into 2022.
For more detailed stats on the Tempe Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.