Tempe AZ Real Estate Housing Market Report - March 2022
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.
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.
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.