Tempe AZ Real Estate Housing Market Report - December 2022
After decreasing for four straight months the average sales price of Tempe homes barely increased to end 2022, going from $538,715 in November to $539,099 this month. This is the third December that Tempe average home prices have increased.
The average sold price per square foot of Tempe homes saw a nice little increase in December, going from $271/sf in November to $275/sf in December. This is the third out of the last four months that there has been an increase, but the overall trend over the last six months is still downward.
After Tempe days on market reached an all-time low of 20 in May and June, it has increased six months in a row. Tempe DOM increased to 65 in December. Even with this increase to 65 DOM, homes in Tempe are still selling reasonably fast. However, sales should slow down as we enter the new year, which is the slowest time of the year for the Arizona housing market.
The average sold price per square foot of Tempe homes saw a nice little increase in December, going from $271/sf in November to $275/sf in December. This is the third out of the last four months that there has been an increase, but the overall trend over the last six months is still downward.
After Tempe days on market reached an all-time low of 20 in May and June, it has increased six months in a row. Tempe DOM increased to 65 in December. Even with this increase to 65 DOM, homes in Tempe are still selling reasonably fast. However, sales should slow down as we enter the new year, which is the slowest time of the year for the Arizona housing market.
After decreasing for three straight months, Tempe home sales has increased in the final month of 2022. Home sales in Tempe increased from 53 in November to 70 in December. This is the third straight year Tempe home sales has increased to end the year. With this increase, Tempe home sales are now -45.3% lower than they were in December of 2021. This is the lowest selling month for Tempe home sales in the last five years.
The number of new Tempe listings had increased each month in 2022 through June, going from 99 in January to 189 in June (almost doubling). Since then, new listings in Tempe have either decreased or remained the same over the last six months, going from 189 in June down to 53 in December. New listings in Tempe are now lower than they have been in December of the previous five years, and they are now -46.5% lower than in December of 2021.
After increasing for five straight months, the number of active listings decreased the last three months. Active listings have gone from 288 in September to 203 to end the year. The number of active listings in Tempe are now greater than they were in December of last year by 21.6%.
Home prices are on a downward trend, home inventory is decreasing, and fewer homes are selling. We are also entering the slowest part of the housing season, which always impacts sales.
Median home values in Tempe have actually decreased an average of -1.5% since December of 2021. With interest rates hovering around 6.5%, there will be a slowing of home sales and increasing of inventory as the market shifts and we head into 2023.
The number of new Tempe listings had increased each month in 2022 through June, going from 99 in January to 189 in June (almost doubling). Since then, new listings in Tempe have either decreased or remained the same over the last six months, going from 189 in June down to 53 in December. New listings in Tempe are now lower than they have been in December of the previous five years, and they are now -46.5% lower than in December of 2021.
After increasing for five straight months, the number of active listings decreased the last three months. Active listings have gone from 288 in September to 203 to end the year. The number of active listings in Tempe are now greater than they were in December of last year by 21.6%.
Home prices are on a downward trend, home inventory is decreasing, and fewer homes are selling. We are also entering the slowest part of the housing season, which always impacts sales.
Median home values in Tempe have actually decreased an average of -1.5% since December of 2021. With interest rates hovering around 6.5%, there will be a slowing of home sales and increasing of inventory as the market shifts and we head into 2023.
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.
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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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