Tempe AZ Real Estate Housing Market Report - January 2023
After slightly increasing last month the average sales price of Tempe homes decreased to begin 2023, going from $539,099 in December to $521,542 this month. This is the first January that Tempe average home prices have decreased since before at least 2019.
The average sold price per square foot of Tempe homes saw a nice increase in January, after decreasing the last two months, going from $270/sf in December to $278/sf in January.
After Tempe days on market reached an all-time low of 20 in May and June, it has increased 7 months in a row. Tempe DOM increased to 66 in January. Even with this increase, homes in Tempe are still selling reasonably fast. However, sales should slow down early in 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 increase in January, after decreasing the last two months, going from $270/sf in December to $278/sf in January.
After Tempe days on market reached an all-time low of 20 in May and June, it has increased 7 months in a row. Tempe DOM increased to 66 in January. Even with this increase, homes in Tempe are still selling reasonably fast. However, sales should slow down early in the new year, which is the slowest time of the year for the Arizona housing market.
After increasing last month to end 2022, Tempe home sales decreased to start the new year. Home sales in Tempe decreased from 70 in December to 64 in January. This is the third straight year Tempe home sales have decreased in January. With this decrease, Tempe home sales are now -41.8% lower than they were in January of 2022. This is the lowest selling January for Tempe home sales in the last five years.
New listings in Tempe have either decreased or remained the same the entire second half of 2022, going from 189 in June down to 54 in December. However, the number of new Tempe listings increased to start off 2023, going from 54 last month to 57 in January. New listings in Tempe are lower than they have been in January of the previous five years, and they are now -42.4% lower than in January of 2022.
After increasing for five straight months, the number of active listings decreased the last 4 months. Active listings have gone from 288 in September to 186 to start the new year. Even with the decline, the number of active listings in Tempe are greater than they were in January of last year by 36.8%.
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 -7.4% since January of 2022. With interest rates hovering around 6.5%, there will be a slowing of home sales and increasing of inventory early in the new year as the market shifts.
New listings in Tempe have either decreased or remained the same the entire second half of 2022, going from 189 in June down to 54 in December. However, the number of new Tempe listings increased to start off 2023, going from 54 last month to 57 in January. New listings in Tempe are lower than they have been in January of the previous five years, and they are now -42.4% lower than in January of 2022.
After increasing for five straight months, the number of active listings decreased the last 4 months. Active listings have gone from 288 in September to 186 to start the new year. Even with the decline, the number of active listings in Tempe are greater than they were in January of last year by 36.8%.
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 -7.4% since January of 2022. With interest rates hovering around 6.5%, there will be a slowing of home sales and increasing of inventory early in the new year as the market shifts.
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 considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
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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 | TroyEricksonRealtor@gmail.com
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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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