Tempe AZ Real Estate Housing Market Report - March 2023
After slightly decreasing in January the average sales price of Tempe homes has increased the last two months, going from $521,542 in January to $530,096 in March. This is the 5th March in a row that Tempe average home prices have increased.
After increasing the last two months the average sold price per square foot of Tempe homes has decreased in March, going from $292/sf in February to $287/sf this month.
After Tempe days on market increased 8 months in a row Tempe DOM decreased this month, going from 79 DOM in February to 74 DOM in March. Homes in Tempe are still selling reasonably fast, and sales may pick up through the spring, which is typically the time of the year when the Arizona housing market picks up.
After increasing the last two months the average sold price per square foot of Tempe homes has decreased in March, going from $292/sf in February to $287/sf this month.
After Tempe days on market increased 8 months in a row Tempe DOM decreased this month, going from 79 DOM in February to 74 DOM in March. Homes in Tempe are still selling reasonably fast, and sales may pick up through the spring, which is typically the time of the year when the Arizona housing market picks up.
After remaining the same between January and February, Tempe home sales slightly increased this month. Home sales in Tempe went from 64 in February to 65 in March. Tempe home sales are now -48.8% lower than they were in March of 2022. This is the lowest number of home sales in March over the last 6 years.
The number of new Tempe listings has increased for the third straight month, going from 54 in December of 2022 to 78 this March. Even with these increases, new listings in Tempe are lower than they have been in March of the previous five years, and they are now -35.5% lower than in March of 2022.
After increasing for 5 straight months, the number of active listings has now decreased the last 6 months. Active listings have gone from 288 in September to 161 in March. Even with the decline, the number of active listings in Tempe are greater than they were in March of last year by 28.8%.
Home prices have remained steady over the last 6 months while home inventory remains low. Homeowners are hesitant to sell their homes with such low mortgage interest rates because they will have to turn around and purchase a new home with mortgage rates double what they currently have.
Median home values in Tempe have actually decreased an average of -12.8% since March of 2022. Mortgage interest rates are hovering around 6.25%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way throughout the spring.
The number of new Tempe listings has increased for the third straight month, going from 54 in December of 2022 to 78 this March. Even with these increases, new listings in Tempe are lower than they have been in March of the previous five years, and they are now -35.5% lower than in March of 2022.
After increasing for 5 straight months, the number of active listings has now decreased the last 6 months. Active listings have gone from 288 in September to 161 in March. Even with the decline, the number of active listings in Tempe are greater than they were in March of last year by 28.8%.
Home prices have remained steady over the last 6 months while home inventory remains low. Homeowners are hesitant to sell their homes with such low mortgage interest rates because they will have to turn around and purchase a new home with mortgage rates double what they currently have.
Median home values in Tempe have actually decreased an average of -12.8% since March of 2022. Mortgage interest rates are hovering around 6.25%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way throughout the spring.
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 considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. 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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