Tempe AZ Real Estate Housing Market Report - February 2022
The average sold price per square foot of Tempe homes also increased for the second straight month after experiencing a decrease in December to end 2021. The average sold price in Tempe increased from $294/sf in January to a new all-time high of $303/sf in February.
After increasing to 50 days on market in December to end 2021, Tempe days on market has decreased two months in a row. Days on market dropped to 41 in January and dropped even further down to 29 DOM for February. Days on market typically decrease during the first months of the year, and at 29 DOM, it shows that homes in Tempe are still selling fast.
The number of new Tempe listings in February slightly increased to 103 from 99 in January. This was the first increase since August of 2021, and the first increase in February since 2019. New listings in Tempe continue to be the lowest since before 2018, and for this February they are -10.4% lower than in February of 2021.
The number of active listings dropped for the fourth straight month, from 225 in October of 2021 to 120 in February of 2022. The number of active listings in Tempe are lower than they were in February of last year by -19.5%.
Active listings in Tempe are lower than they ever have been historically, and the lack of homes for sale continues to drive demand and home prices higher. We can expect home values in Tempe to continue to increase as long as the inventory remains low.
Median home values in Tempe have increased an average of 28.7% since February of 2021. With interest rates moving slightly above 4.0%, there will still be more buyers looking to purchase a home in Tempe throughout the first months 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.
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.