Tempe AZ Real Estate Housing Market Report - November 2021
At the same time, the average sold price per square foot increased for the second straight month, going from $279/sf in October to $293/sf in November.
After increasing for four straight months, days on market remained the same in November as October, at 32 DOM. Even though the trend has seen days on market increasing, 32 DOM is still very low, and homes in Tempe are still selling very fast.
The number of new listings decreased for the third straight month, dropping from 139 in October to 119 in November, yet they are 15.5% higher than in November of last year. The number of active listings dropped from 222 in October down to 197 for November, which is more typical of what you would see in the last few months of the year, as fewer home owners decide to sell during the fall and winter. The number of active listings are lower than they were in November of last year by just -1.5%.
Active listings are almost exactly where they were last year at this time. They are significantly low historically, and the lack of homes for sale continues to drive demand and home prices higher. We can expect home values to continue to increase as long as the inventory remains low.
With that said, median home values in Tempe have increased an average of 22.1% since November of 2020. With interest rates remaining just above 3.0%, there will still be more buyers looking to purchase for the remainder of 2021.
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.