Tempe AZ Real Estate Housing Market Report - August 2022
The average sales price of Tempe homes finally decreased after increasing for eight straight months and reaching an all-time high of $627,613 in July. Tempe average home prices dropped to $590,965 in August.
The average sold price per square foot of Tempe homes decreased for the third straight month, dropping from an all-time high of $330/sf in May to $300/sf in August.
After Tempe days on market reached an all-time low of 20 in May and June, it has now increased two months in a row. Tempe DOM increased to 37 in August. Even with this increase to 37 DOM, homes in Tempe are still selling fast.
The average sold price per square foot of Tempe homes decreased for the third straight month, dropping from an all-time high of $330/sf in May to $300/sf in August.
After Tempe days on market reached an all-time low of 20 in May and June, it has now increased two months in a row. Tempe DOM increased to 37 in August. Even with this increase to 37 DOM, homes in Tempe are still selling fast.
After decreasing last month, Tempe home sales increased in August. Home sales in Tempe have increased from 74 in July to 87 in August. With this increase, Tempe home sales are now -36.0% lower than in August of 2021. This is the third lowest selling month for Tempe home sales in the last four years, with last month being the lowest.
The number of new Tempe listings has increased each month in 2022 through June. After going from 99 in January to 189 in June (almost doubling), new listings in Tempe have decreased two months in a row, going from 149 in July down to 127 in August. New listings in Tempe are now lower than they have been in August of the previous four years, and they are now -19.6% lower than in August of 2021.
The number of active listings increased for the fourth straight month after decreasing for six straight months previously. Active listings have gone from 122 in April to 274 in August. The number of active listings in Tempe are now greater than they were in August of last year by 43.5%.
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 8.5% since August of 2021. With interest rates averaging around 5.5%, there will be a slowing of home sales, and increasing of inventory as the market shifts and we head into the fall of 2022.
The number of new Tempe listings has increased each month in 2022 through June. After going from 99 in January to 189 in June (almost doubling), new listings in Tempe have decreased two months in a row, going from 149 in July down to 127 in August. New listings in Tempe are now lower than they have been in August of the previous four years, and they are now -19.6% lower than in August of 2021.
The number of active listings increased for the fourth straight month after decreasing for six straight months previously. Active listings have gone from 122 in April to 274 in August. The number of active listings in Tempe are now greater than they were in August of last year by 43.5%.
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 8.5% since August of 2021. With interest rates averaging around 5.5%, there will be a slowing of home sales, and increasing of inventory as the market shifts and we head into the fall 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.
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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