Tempe AZ Real Estate Housing Market Report - May 2021
The average sales price of homes in Tempe had increased over $90,000 in March and April, so it was bound to drop a little in May. May saw a drop in the average sales price in Tempe, down over $23,000 to $504,967. At the same time, the average sold price per square foot increased for the fourth straight month from $258/sf to $264/sf.
Days on market went down in May to a new all-time low of 22 DOM after increasing in April.
Days on market went down in May to a new all-time low of 22 DOM after increasing in April.
Tempe home sales slightly decreased in May from 131 to 125, the first decrease in the last five months. Even though they decreased, Tempe home sales are still 34.4% higher than last May. This is mainly due to the COVID-19 pandemic shutting down the economy last March. Up until May, it looked like Tempe was going to have a pretty good year for home sales, but I think the lack of inventory may be impacting sales, now that we are into the high buying season.
The number of new listings decreased from 156 to 143 in May, but they are 3.6% higher than May of last year. The number of active listings increased for the third straight month, from 232 to 239, but are down -24.8% from May of last year.
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 28.2% since May of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase in 2021.
The number of new listings decreased from 156 to 143 in May, but they are 3.6% higher than May of last year. The number of active listings increased for the third straight month, from 232 to 239, but are down -24.8% from May of last year.
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 28.2% since May of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase in 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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