Tempe AZ Real Estate Housing Market Report - May 2022
After remaining the same in February and March, at $303/sf, the average sold price per square foot of Tempe homes increased for the second straight month reaching a new all-time high of $330/sf in May. This is the fifth straight month the average sold price per square foot in Tempe, Arizona has increased.
After increasing to 40 days on market in March, Tempe days on market has decreased two months in a row, as is now at a new all-time low of 20 DOM for May. This shows that homes in Tempe are selling faster than they ever have before.
The number of new Tempe listings increased from 121 in March to 142 in April. This was the third straight increase after decreasing or remaining the same the previous five months in a row. New listings in Tempe continue to be the lowest since before 2018, and for this April they are -9.0% lower than in April of 2021.
The number of active listings dropped for the sixth straight month, from 226 in October of 2021 down to 120 in April of 2022. The number of active listings in Tempe are lower than they were in April of last year by -31.0%.
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 25.6% since April of 2021. Even with interest rates moving slightly above 5.25%, 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.