Tempe AZ Real Estate Housing Market Report - October 2021
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.
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.
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.