Tempe AZ Real Estate Housing Market Report - January 2022
The average sold price per square foot of Tempe homes also increased after decreasing the previous month. The average sold price in Tempe went from $289/sf in December to a new all-time high of $294/sf in January.
After increasing from 32 to 50 days on market in December to end the year, Tempe days on market saw a reduction back down to 41 DOM for January of 2022. This is the first decrease in Tempe DOM since May of 2021. Days on market typically decrease during the first months of the year, and at 41 DOM, it shows that homes in Tempe are still selling fast.
The number of new Tempe listings in January remained the same as last month, at 99, after decreasing the previous four months. New listings in Tempe are the lowest they have been in the month of January since before 2018 and are -19.5% lower than in January of 2021.
The number of active listings dropped for the third straight month, from 164 in December to 130 in January of 2022. The number of active listings in Tempe are lower than they were in January of last year by -17.7%.
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 24.0% since January of 2021. With interest rates hovering around 3.5%, there will still be more buyers looking to purchase a home in Tempe throughout 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.