Tempe AZ Real Estate Housing Market Report - July 2023
After decreasing last month, the average sales price of Tempe homes saw a significant increase this month, going from $556,250 in June to $610,289 in July. This is the 4th increase this year, and the average sales price is approaching the all-time high of $627,613 we saw in July of 2022.
After slightly decreasing last month, the average sold price per square foot of Tempe homes jumped up this month, going from $297/sf in June to $317/sf in July.
After Tempe days on market increased last month, the DOM has decreased this month, going from 52 DOM in June to 49 DOM in July. Homes in Tempe are still selling reasonably fast, and sales should be a little slow through this summer, which is typically the time of the year when the Arizona housing market starts to slow as families settle in for the school year.
After slightly decreasing last month, the average sold price per square foot of Tempe homes jumped up this month, going from $297/sf in June to $317/sf in July.
After Tempe days on market increased last month, the DOM has decreased this month, going from 52 DOM in June to 49 DOM in July. Homes in Tempe are still selling reasonably fast, and sales should be a little slow through this summer, which is typically the time of the year when the Arizona housing market starts to slow as families settle in for the school year.
Home sales in Tempe have decreased for the second month in a row, going from 87 in May to 54 in July. Tempe home sales are now -27.0% lower than they were in July of 2022. This is the lowest number of home sales in July over the last 6 years.
After increasing last month, the number of new Tempe listings decreased this month, going from 95 in June to 78 in July. With this decrease, new listings in Tempe are lower than they have been in July of the previous five years, and they are now -47.7% lower than in July of 2022.
After slightly decreasing last month, the number of active listings has increased this month. Active listings have gone from 136 in June to 147 in July. With the increase, the number of active listings in Tempe are less than they were in July of last year by -42.8%. This is the third straight month active listings have been lower than they were in the same month the previous year. This previously had not occurred since April of 2022.
Median home prices have slightly increased over the last 7 months while home inventory remains low. Homeowners are hesitant to sell their homes with such low mortgage interest rates because they will have to turn around and purchase a new home with mortgage rates almost double what they currently have.
Median home values in Tempe have actually decreased an average of -11.6% since July of 2022. Mortgage interest rates are hovering around 7.0%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way throughout the spring.
After increasing last month, the number of new Tempe listings decreased this month, going from 95 in June to 78 in July. With this decrease, new listings in Tempe are lower than they have been in July of the previous five years, and they are now -47.7% lower than in July of 2022.
After slightly decreasing last month, the number of active listings has increased this month. Active listings have gone from 136 in June to 147 in July. With the increase, the number of active listings in Tempe are less than they were in July of last year by -42.8%. This is the third straight month active listings have been lower than they were in the same month the previous year. This previously had not occurred since April of 2022.
Median home prices have slightly increased over the last 7 months while home inventory remains low. Homeowners are hesitant to sell their homes with such low mortgage interest rates because they will have to turn around and purchase a new home with mortgage rates almost double what they currently have.
Median home values in Tempe have actually decreased an average of -11.6% since July of 2022. Mortgage interest rates are hovering around 7.0%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way throughout the spring.
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 considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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