Tempe AZ Real Estate Housing Market Report - November 2022
The average sold price per square foot of Tempe homes decreased in November after increasing the previous two months, going from $304/sf in October to $271/sf in November.
After Tempe days on market reached an all-time low of 20 in May and June, it has increased five months in a row. Tempe DOM increased to 52 in November. Even with this increase to 52 DOM, homes in Tempe are still selling fast, but sales should slow down as the winter is traditionally the slowest time for the Arizona housing market.
The number of new Tempe listings had increased each month in 2022 through June, going from 99 in January to 189 in June (almost doubling). Since then, new listings in Tempe have either decreased or remained the same over the last five months, going from 189 in June down to 85 in November. New listings in Tempe are now lower than they have been in November of the previous four years, and they are now -28.6% lower than in November of 2021.
After increasing for five straight months, the number of active listings decreased the last two months. Active listings have gone from 288 in September to 238 in November. The number of active listings in Tempe are now greater than they were in November of last year by 16.7%.
With home prices decreasing, inventory is also slowing down, and fewer homes are selling. We are also entering the slower part of the housing season, which always impacts sales.
Median home values in Tempe have actually decreased an average of -0.3% since November of 2021. With interest rates hovering around 6.5%, there will be a slowing of home sales and increasing of inventory as the market shifts and we head into the winter.
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.