Tempe AZ Real Estate Housing Market Report - July 2021
After June saw a $32,647 increase in the average sales price of Tempe homes, July saw a decrease in the average sales price of Tempe homes by $21,421. At the same time, the average sold price per square foot decreased for the first time in the last six months from $276/sf to $271/sf.
Days on market increased in July to 23 DOM, after recording an all-time low of 22 DOM the last two months.
Days on market increased in July to 23 DOM, after recording an all-time low of 22 DOM the last two months.
After increasing in four of the last five months, Tempe home sales decreased from 145 to 132 in July. With this decrease, Tempe home sales are -12.0% lower than in July of 2020. This is mainly due to the COVID-19 pandemic shutting down the economy last March, but by June of 2020, the housing market had already made a nice recovery, and sales increased. The only thing keeping Tempe from having a really good year for home sales is the lack of inventory. The low number of listings is impacting sales, even though we are nearing the end of the high buying season.
The number of new listings slightly increased for the third straight month, from 147 to 150 in July, yet they are still -10.7% lower than in July of last year. The number of active listings increased for the fifth straight month, from 243 last month to 271 in July, but are still down -9.7% from July of last year.
The lack of listings continues to drive demand and home prices higher, so if the number of listings continues to be less than in previous years, expect home values to continue to increase.
With that said, median home values in Tempe have increased an average of 25.0% since July of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase in the remainder of 2021.
The number of new listings slightly increased for the third straight month, from 147 to 150 in July, yet they are still -10.7% lower than in July of last year. The number of active listings increased for the fifth straight month, from 243 last month to 271 in July, but are still down -9.7% from July of last year.
The lack of listings continues to drive demand and home prices higher, so if the number of listings continues to be less than in previous years, expect home values to continue to increase.
With that said, median home values in Tempe have increased an average of 25.0% since July of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase in the remainder of 2021.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
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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