Is Tempe, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Tempe has remained a Seller's Market.
Housing Prices in Tempe, AZ
How much do homes in Tempe, AZ cost?
Median Sold Price
$455,781
$297/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Tempe was $455,781 in February 2024, down 2.9% from last year, and the median price per square foot was $297.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $242.5K | $250K | +3.1% |
2 Bedrooms | $337.7K | $335K | -0.8% |
3 Bedrooms | $470K | $457.7K | -2.6% |
4 Bedrooms | $580K | $555.1K | -4.3% |
5+ Bedrooms | $765K | $715K | -6.5% |
Summary: Tempe housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.1%, 2 bedroom homes decreased by 0.8%, 3 bedroom homes decreased by 2.6%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes decreased by 6.5%.
Housing Supply in Tempe, AZ
How many homes are available in Tempe, AZ?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
347 | 373 | +7.5% |
Summary: The Tempe real estate market had 373 homes for sale in February 2024, a 7.5% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 12 | 10 | -16.7% |
2 Bedrooms | 75 | 90 | +20.0% |
3 Bedrooms | 140 | 144 | +2.9% |
4 Bedrooms | 98 | 103 | +5.1% |
5+ Bedrooms | 22 | 26 | +18.2% |
Summary: The Tempe housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
73 | 110 | +50.7% |
Asking Price vs. Sold Price
66 Homes Were Sold
Under Asking
26 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Summary: A total of 110 homes were sold or pending in Tempe in February 2024, up by 50.7% month-over-month. Of the 110 sold homes, 60% were sold under asking, 24% were sold at asking, and 16% were sold over asking.
Days on Market for Tempe, AZ
How long does it take to sell a home in Tempe, AZ?
Average Sale Time
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
72 Days | 57 Days | -20.0% |
Summary: Homes in Tempe had an average of 57 days on market in Feb 2024, down by 20% compared to last year.
Breakdown of Home Sale Times
38 Homes Were Sold
Under 30 Days
45 Homes Were Sold
In 30 - 90 Days
27 Homes Were Sold
Over 90 Days
Summary: During February 2024, 110 homes were sold in Tempe; 35% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.