Tempe AZ Real Estate Housing Market Report - August 2021
Days on market increased for the second straight month, up to 26 DOM, after recording an all-time low of 22 DOM in May and June.
The number of new listings slightly increased for the fourth straight month, from 150 to 156 in August, yet they are still -3.1% lower than in August of last year. The number of active listings increased for the sixth straight month, from 271 last month to 280 in August, but are still down -12.5% from August of last year.
The lack of listings continues to drive demand and home prices higher, so if the number of listings continues to be less than in previous years, expect home values to continue to increase.
With that said, median home values in Tempe have increased an average of 30.2% since August of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase in the remainder of 2021.
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.