Tempe AZ Real Estate Housing Market Report - October 2021
The average sales price of Tempe homes for October increased for the second straight month, this time by $22,542, up to $535,465. After dropping $21,421 in July, and another $11,233 drop in August, this continues to be a good sign for the fall. At the same time, the average sold price per square foot increased in October, from $277/sf to $279/sf, after decreasing in September.
Days on market increased for the fourth straight month, up to 32 DOM in October after recording an all-time low of 22 DOM in May and June.
Days on market increased for the fourth straight month, up to 32 DOM in October after recording an all-time low of 22 DOM in May and June.
After decreasing last month, Tempe home sales increased from 124 to 143 in October. This has been a trend over the last six months, where Tempe home sales increase one month and decrease the next month. With this increase, Tempe home sales are now 3.6% higher than in October of 2020. The only thing keeping Tempe from having a record year for home sales is the lack of inventory. The low number of listings is impacting sales, even though we are into the Fall months when housing sales tend to drop off.
The number of new listings slightly decreased for the second straight month, from 157 in September to 139 in October, and they are -2.1% lower than in October of last year. The number of active listings has increased in six of the last eight months, and has increased from 212 last month to 222 in October. Active listings are now higher than they were in October of last year by 1.8%.
With active listings continuing to increase, they are now ahead of previous years listings for only the second time in the last 13 months. However, listings are still significantly low 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 20.2% since October 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 slightly decreased for the second straight month, from 157 in September to 139 in October, and they are -2.1% lower than in October of last year. The number of active listings has increased in six of the last eight months, and has increased from 212 last month to 222 in October. Active listings are now higher than they were in October of last year by 1.8%.
With active listings continuing to increase, they are now ahead of previous years listings for only the second time in the last 13 months. However, listings are still significantly low 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 20.2% since October 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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