Tempe AZ Real Estate Housing Market Report - May 2021
Days on market went down in May to a new all-time low of 22 DOM after increasing in April.
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.
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.