Tempe AZ Real Estate Housing Market Report - October 2022
The average sold price per square foot of Tempe homes increased for the second straight month after decreasing for three straight months, increasing from $301/sf in September to $304/sf in October.
After Tempe days on market reached an all-time low of 20 in May and June, it has now increased four months in a row. Tempe DOM increased to 48 in October. Even with this increase to 48 DOM, homes in Tempe are still selling fast, but sales should slow down as the fall and winter are traditionally slower times for the Arizona housing market.
The number of new Tempe listings had increased each month in 2022 through June, going from 99 in January to 189 in June (almost doubling). Since then, new listings in Tempe decreased three months in a row, going from 189 in June down to 91 in September, with October remaining the same as last month at 91. New listings in Tempe are now lower than they have been in October of the previous four years, and they are now -34.5% lower than in October of 2021.
After increasing for five straight months, the number of active listings decreased in October. Active listings have gone from 288 in September to 250 in October. The number of active listings in Tempe are now greater than they were in October of last year by 10.6%.
With home inventory increasing, interest rates and inflation rising, demand is slowing, and home prices are starting to decrease. We are also entering the slower part of the housing season, which will impact sales.
Median home values in Tempe have increased an average of just 3.1% since October of 2021. With interest rates reaching above 7.0%, there will be a slowing of home sales and increasing of inventory as the market shifts and we head into the winter of 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.