Tempe AZ Real Estate Housing Market Report - June 2022
The average sales price of Tempe homes increased for the seventh straight month, moving from $501,611 in November of 2021 to a new all-time high of $615,471 in June.
The average sold price per square foot of Tempe homes decreased for the first time since December of 2021, dropping from an all-time high of $330/sf in May to $322/sf in June.
After increasing to 40 days on market in March, Tempe days on market decreased two months in a row. The DOM remained at the all-time low of 20 DOM for June, the same as it was in May. This shows that homes in Tempe are selling faster than they ever have before.
The average sold price per square foot of Tempe homes decreased for the first time since December of 2021, dropping from an all-time high of $330/sf in May to $322/sf in June.
After increasing to 40 days on market in March, Tempe days on market decreased two months in a row. The DOM remained at the all-time low of 20 DOM for June, the same as it was in May. This shows that homes in Tempe are selling faster than they ever have before.
After decreasing in April, Tempe home sales have increased two straight months. Home sales in Tempe have increased from 110 in April to 123 in June. With this increase, Tempe home sales are still -14.6% lower than in June of 2021. The low number of listings continues to impact sales.
The number of new Tempe listings has increased each month so far in 2022. New Tempe listings have gone from 99 in January to 189 in June, almost doubling. This is the fifth straight increase after decreasing or remaining the same the previous five months in a row. New listings in Tempe are now higher than they have been since August of 2018, and they are now 18.1% higher than in June of 2021.
The number of active listings increased for the second straight month after decreasing sixth straight months previously. Active listings have gone from 122 in April to 199 in June. The number of active listings in Tempe are now greater than they were in June of last year by 14.4%.
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 18.3% since June of 2021. Even with interest rates moving towards 6.00%, there will still be more buyers looking to purchase a home in Tempe throughout the summer of 2022.
The number of new Tempe listings has increased each month so far in 2022. New Tempe listings have gone from 99 in January to 189 in June, almost doubling. This is the fifth straight increase after decreasing or remaining the same the previous five months in a row. New listings in Tempe are now higher than they have been since August of 2018, and they are now 18.1% higher than in June of 2021.
The number of active listings increased for the second straight month after decreasing sixth straight months previously. Active listings have gone from 122 in April to 199 in June. The number of active listings in Tempe are now greater than they were in June of last year by 14.4%.
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 18.3% since June of 2021. Even with interest rates moving towards 6.00%, there will still be more buyers looking to purchase a home in Tempe throughout the summer 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.
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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