Tempe AZ Real Estate Housing Market Report - November 2021
The average sales price of Tempe homes for November significantly decreased by $33,854, after increasing by $30,504 the last two months. The average sales price of Tempe homes is now at $501,611.
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.
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.
After increasing last month, Tempe home sales dropped from 143 in October down to 116 in November. This has been a trend over the last seven months, where Tempe home sales increase one month and decrease the next month. Home sales in Tempe have decreased in November in each of the last four years, so this is fairly common with the seasonality of real estate here in Arizona. With this decrease, Tempe home sales are now -4.1% lower than in November of 2020. The low number of listings is impacting sales, even though we are into the winter months when housing sales tend to drop off. Even with that said, we may see the largest number of Tempe homes sold this year than any other year since 2017.
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.
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.
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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