Tempe AZ Real Estate Housing Market Report - September 2022
The average sold price per square foot of Tempe homes increased this month after decreasing for three straight months, increasing from $300/sf in August to $301/sf in September.
After Tempe days on market reached an all-time low of 20 in May and June, it has now increased three months in a row. Tempe DOM increased to 44 in September. Even with this increase to 44 DOM, homes in Tempe are still selling fast, but sales should slow down as the fall and winter are traditionally slower times for the Arizona housing market.
The number of new Tempe listings has increased each month in 2022 through June, after going from 99 in January to 189 in June (almost doubling). Since then, new listings in Tempe have decreased three months in a row, going from 189 in June down to 91 in September. New listings in Tempe are now lower than they have been in September of the previous four years, and they are now -42.0% lower than in September of 2021.
The number of active listings increased for the fifth straight month after decreasing for six straight months previously. Active listings have gone from 122 in April to 284 in September. The number of active listings in Tempe are now greater than they were in September of last year by 32.1%.
With home inventory increasing, interest rates and inflation rising, demand is slowing, and home prices are starting to decrease. We are also entering the slower part of the housing season, which will impact sales.
Median home values in Tempe have increased an average of 8.6% since September of 2021. With interest rates averaging above 6.3%, there will be a slowing of home sales, and increasing of inventory as the market shifts and we head into the fall and winter of 2022.
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.