Tempe AZ Real Estate Housing Market Report - July 2022
The average sales price of Tempe homes increased for the eighth straight month, moving from $501,611 in November of 2021 to a new all-time high of $627,613 in July.
The average sold price per square foot of Tempe homes decreased for the second straight month, dropping from an all-time high of $330/sf in May to $311/sf in July.
After Tempe days on market decreased two months in a row, the DOM increased to 25 in July. Even with this increase to 25 DOM, homes in Tempe are selling faster than they ever have.
The average sold price per square foot of Tempe homes decreased for the second straight month, dropping from an all-time high of $330/sf in May to $311/sf in July.
After Tempe days on market decreased two months in a row, the DOM increased to 25 in July. Even with this increase to 25 DOM, homes in Tempe are selling faster than they ever have.
After increasing two straight months, Tempe home sales have decreased in July. Home sales in Tempe have declined from 123 in June to 74 in July. With this decrease, Tempe home sales are now -43.9% lower than in July of 2021. The increase in home prices is finally impacting sales.
The number of new Tempe listings has increased each month in 2022 through June. After going from 99 in January to 189 in June, almost doubling, new listings in Tempe decreased to 149 in July. New listings in Tempe are now lower than they have been in July of the previous three years, and they are now -2.0% lower than in July of 2021.
The number of active listings increased for the third straight month after decreasing sixth straight months previously. Active listings have gone from 122 in April to 253 in July. The number of active listings in Tempe are now greater than they were in July of last year by 22.2%.
The lack of homes for sale continues to drive demand and home prices higher, but that is changing. Inventory is increasing, and that will have an impact on prices.
Median home values in Tempe have increased an average of 22.6% since July of 2021. Even with interest rates averaging around 5.5%, there will still be more buyers looking to purchase a home in Tempe throughout the remainder of 2022.
The number of new Tempe listings has increased each month in 2022 through June. After going from 99 in January to 189 in June, almost doubling, new listings in Tempe decreased to 149 in July. New listings in Tempe are now lower than they have been in July of the previous three years, and they are now -2.0% lower than in July of 2021.
The number of active listings increased for the third straight month after decreasing sixth straight months previously. Active listings have gone from 122 in April to 253 in July. The number of active listings in Tempe are now greater than they were in July of last year by 22.2%.
The lack of homes for sale continues to drive demand and home prices higher, but that is changing. Inventory is increasing, and that will have an impact on prices.
Median home values in Tempe have increased an average of 22.6% since July of 2021. Even with interest rates averaging around 5.5%, there will still be more buyers looking to purchase a home in Tempe throughout the remainder 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.
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 | 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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