Tempe AZ Real Estate Housing Market Report - September 2021
After seeing a decrease in the average sales price of Tempe homes over the last two months, the average sales price for September increased $7,259, up to $512,219. After dropping $21,421 in July, and another $11,233 drop in August, this was a good sign heading into the Fall. At the same time, the average sold price per square foot decreased in September, from $287/sf to $277/sf, after increasing in August.
Days on market increased for the third straight month, up to 28 DOM in September after recording an all-time low of 22 DOM in May and June.
Days on market increased for the third straight month, up to 28 DOM in September after recording an all-time low of 22 DOM in May and June.
After increasing last month, Tempe home sales decreased from 136 to 125 in September. This has been a trend over the last six months, where Tempe home sales increase one month and decrease the next month. With this decrease, Tempe home sales are actually -14.4% lower than in September 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 entering the Fall months when housing sales tend to drop off.
The number of new listings slightly decreased from 158 in August to 153 in September, and they are -7.7% lower than in September of last year. The number of active listings has increased in five of the last seventh months, and increased from 188 last month to 211 in September. Active listings are still lower by -9.4% than in September of last year.
Even though active listings continue to increase, they still fall behind previous years listings. The lack of listings continues to drive demand and home prices higher, so if the number of listings continues to be less than in previous years, expect home values to continue to increase.
With that said, median home values in Tempe have increased an average of 23.2% since September of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase for the remainder of 2021.
The number of new listings slightly decreased from 158 in August to 153 in September, and they are -7.7% lower than in September of last year. The number of active listings has increased in five of the last seventh months, and increased from 188 last month to 211 in September. Active listings are still lower by -9.4% than in September of last year.
Even though active listings continue to increase, they still fall behind previous years listings. The lack of listings continues to drive demand and home prices higher, so if the number of listings continues to be less than in previous years, expect home values to continue to increase.
With that said, median home values in Tempe have increased an average of 23.2% since September of 2020. With interest rates remaining around 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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