Tempe AZ Real Estate Housing Market Report - April 2023
After increasing the last 2 months, the average sales price of Tempe homes has decreased this month, going from $532,043 in March to $520,809 in April. This is only the 2nd time that the average home prices have decreased in April in the last 5 years.
After increasing the last two months the average sold price per square foot of Tempe homes has decreased for the second straight month, going from $292/sf in February to $282/sf this month.
After Tempe days on market increased 8 months in a row Tempe DOM has now decreased 2 months in a row, going from 79 DOM in February to 61 DOM in April. Homes in Tempe are still selling reasonably fast, and sales should pick up through the spring, which is typically the time of the year when the Arizona housing market picks up.
After increasing the last two months the average sold price per square foot of Tempe homes has decreased for the second straight month, going from $292/sf in February to $282/sf this month.
After Tempe days on market increased 8 months in a row Tempe DOM has now decreased 2 months in a row, going from 79 DOM in February to 61 DOM in April. Homes in Tempe are still selling reasonably fast, and sales should pick up through the spring, which is typically the time of the year when the Arizona housing market picks up.
After remaining the same for 3 months between January and March, Tempe home sales slightly increased this month. Home sales in Tempe went from 64 in March to 75 in April. Tempe home sales are now -31.8% lower than they were in April of 2022. This is the lowest number of home sales in April over the last 6 years.
The number of new Tempe listings has increased for the 4th straight month, going from 54 in December of 2022 to 89 this April. Even with these increases, new listings in Tempe are lower than they have been in April of the previous five years, and they are now -38.2% lower than in April of 2022.
After increasing for 5 straight months, the number of active listings has now decreased the last 7 months. Active listings have gone from 288 in September to 137 in April. Even with the decline, the number of active listings in Tempe are greater than they were in April of last year by 12.3%.
Median home prices have remained steady 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 double what they currently have.
Median home values in Tempe have actually decreased an average of -12.5% since April of 2022. Mortgage interest rates are hovering around 6.25%, 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.
The number of new Tempe listings has increased for the 4th straight month, going from 54 in December of 2022 to 89 this April. Even with these increases, new listings in Tempe are lower than they have been in April of the previous five years, and they are now -38.2% lower than in April of 2022.
After increasing for 5 straight months, the number of active listings has now decreased the last 7 months. Active listings have gone from 288 in September to 137 in April. Even with the decline, the number of active listings in Tempe are greater than they were in April of last year by 12.3%.
Median home prices have remained steady 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 double what they currently have.
Median home values in Tempe have actually decreased an average of -12.5% since April of 2022. Mortgage interest rates are hovering around 6.25%, 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 | [email protected]
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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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