Tempe AZ Real Estate Housing Market Report - August 2021
After June saw a $32,647 increase in the average sales price of Tempe homes, there has been a decrease in the average sales price over the last two months. I don't think this has happened in at least a year, but after dropping $21,421 in July, the average sales price of homes in Tempe dropped another $11,233, to $504,960 in August. At the same time, the average sold price per square foot increased in August, from $271/sf to $287/sf, after decreasing for the first time in the last six months in July.
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.
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.
After decreasing last month, Tempe home sales increased from 132 to 136 in August, increasing for the fifth time in the last seven months. With this increase, Tempe home sales are actually 6.2% higher than in August of 2020, which is the second time this number has been positive in the last three months. The only thing keeping Tempe from having a really good year for home sales is the lack of inventory. The low number of listings is impacting sales, even though we are nearing the end of the high buying season.
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.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
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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