Tempe AZ Real Estate Housing Market Report - March 2022
The average sales price of Tempe homes increased for the fourth straight month, moving from $565,980 in February to $577,839 in March. This is not as large of an increase as the last three months, but the average sales price of Tempe homes has reached a new all-time high.
After increasing for two straight months, the average sold price per square foot of Tempe homes remained the same as last month. The average sold price in Tempe remains at the all-time high of $303/sf for March.
After increasing to 50 days on market in December to end 2021, Tempe days on market decreased two months in a row, to a low of 29 for February, but jumped back up to 40 DOM for March. Days on market typically decrease during the first months of the year, but even at 40 DOM, it shows that homes in Tempe are still selling faster than normal.
After increasing for two straight months, the average sold price per square foot of Tempe homes remained the same as last month. The average sold price in Tempe remains at the all-time high of $303/sf for March.
After increasing to 50 days on market in December to end 2021, Tempe days on market decreased two months in a row, to a low of 29 for February, but jumped back up to 40 DOM for March. Days on market typically decrease during the first months of the year, but even at 40 DOM, it shows that homes in Tempe are still selling faster than normal.
After decreasing the first two months of 2022, Tempe home sales have increased in March. Home sales in Tempe have increased from 104 in February to 127 in March. Home sales in Tempe typically decrease in January, but then increase February through April. With this increase Tempe home sales are now 1.6% higher than in March of 2021. The low number of listings continues to impact sales, even though we are heading into the spring when home sales in Tempe usually increase.
The number of new Tempe listings increased from 104 in February to 120 in March. This was the second straight increase after decreasing or remaining the same for five months in a row. New listings in Tempe continue to be the lowest since before 2018, and for this March they are -18.9% lower than in March of 2021.
The number of active listings dropped for the fifth straight month, from 226 in October of 2021 down to 122 in March of 2022. The number of active listings in Tempe are lower than they were in March of last year by -18.1%.
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 23.9% since March of 2021. With interest rates moving slightly above 4.25%, there will still be more buyers looking to purchase a home in Tempe throughout the first months of 2022.
The number of new Tempe listings increased from 104 in February to 120 in March. This was the second straight increase after decreasing or remaining the same for five months in a row. New listings in Tempe continue to be the lowest since before 2018, and for this March they are -18.9% lower than in March of 2021.
The number of active listings dropped for the fifth straight month, from 226 in October of 2021 down to 122 in March of 2022. The number of active listings in Tempe are lower than they were in March of last year by -18.1%.
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 23.9% since March of 2021. With interest rates moving slightly above 4.25%, there will still be more buyers looking to purchase a home in Tempe throughout the first months 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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