Tempe AZ Real Estate Housing Market Report - February 2023
After slightly decreasing last month the average sales price of Tempe homes increased in February, going from $521,542 in January to $527,767 this month. This is the third February out of the last four that Tempe average home prices have increased.
The average sold price per square foot of Tempe homes has increased for the second straight month, after decreasing the last two months, going from $270/sf in December to $292/sf in February.
After Tempe days on market reached an all-time low of 20 in May and June, it has increased 8 months in a row. Tempe DOM increased to 79 in February. Even with this increase, homes in Tempe are still selling reasonably fast. However, sales may pick up as we head into spring, which is typically the time of the year when the Arizona housing market picks up.
The average sold price per square foot of Tempe homes has increased for the second straight month, after decreasing the last two months, going from $270/sf in December to $292/sf in February.
After Tempe days on market reached an all-time low of 20 in May and June, it has increased 8 months in a row. Tempe DOM increased to 79 in February. Even with this increase, homes in Tempe are still selling reasonably fast. However, sales may pick up as we head into spring, which is typically the time of the year when the Arizona housing market picks up.
After decreasing last month, Tempe home sales remained the same for February. Home sales in Tempe remained the same as January at 64 in February. Tempe home sales also decreased last February, and Tempe home sales are now -38.4% lower than they were in February of 2022. This is the lowest number of home sales in February for Tempe since before 2018.
The number of new Tempe listings has increased for the second straight month, going from 54 in December of 2022 to 72 this February. Even with these increases, new listings in Tempe are lower than they have been in February of the previous five years, and they are now -30.8% lower than in February of 2022.
After increasing for five straight months, the number of active listings has now decreased the last 5 months. Active listings have gone from 288 in September to 182 in February. Even with the decline, the number of active listings in Tempe are greater than they were in February of last year by 41.1%.
Home prices are on a downward trend, home inventory is decreasing, and fewer homes are selling. We are starting to pull out of the slowest part of the housing season, so we will see how this will impacts home sales and home inventory.
Median home values in Tempe have actually decreased an average of -7.1% since February of 2022. Mortgage interest rates are hovering around 7.0%, although some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way as we head into the spring.
The number of new Tempe listings has increased for the second straight month, going from 54 in December of 2022 to 72 this February. Even with these increases, new listings in Tempe are lower than they have been in February of the previous five years, and they are now -30.8% lower than in February of 2022.
After increasing for five straight months, the number of active listings has now decreased the last 5 months. Active listings have gone from 288 in September to 182 in February. Even with the decline, the number of active listings in Tempe are greater than they were in February of last year by 41.1%.
Home prices are on a downward trend, home inventory is decreasing, and fewer homes are selling. We are starting to pull out of the slowest part of the housing season, so we will see how this will impacts home sales and home inventory.
Median home values in Tempe have actually decreased an average of -7.1% since February of 2022. Mortgage interest rates are hovering around 7.0%, although some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way as we head into the spring.
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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