Is Tempe, AZ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Tempe is a seller's market

Buyer's
Market

Difference Since May 2021

Since last year, Tempe has remained a Seller's Market.

Key Takeaway

Tempe is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Tempe, AZ cost?

Median Sold Price

$450,000

$282/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2021

+$89,950(+25.0%)

Key Takeaway

Homes in Tempe have sold for 25% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSMay 2021May 2022%
1 $172K$219K
+27.3%
2 $245.3K$311K
+26.8%
3 $358.1K$449.9K
+25.6%
4 $454.9K$550K
+20.9%
5+ $555K$667K
+20.2%

Median Sold Price Compared To Nearby Cities

Mesa
+25.5%
Tempe
+25.0%
Chandler
+24.5%

How many homes are available in Tempe, AZ?

Number of Homes For Sale

Apr 2022May 2022%
468489+4.5%

Homes For Sale By Bedroom Count

# BEDSApr 2022May 2022%
1 1517
+13.3%
2 107101
-5.6%
3 193199
+3.1%
4 121135
+11.6%
5+ 3237
+15.6%

Number of Homes Sold

Apr 2022May 2022%
170166-2.4%

Asking Price vs. Sold Price

42 Homes Were Sold
Under Asking

29 Homes Were Sold
At Asking

95 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Tempe, you could pay more than the asking price. 57.2% of homes here sold above asking price last month.

Average Sale Time

May 2021May 2022%
21 Days21 Days-2.1%

Breakdown of Home Sale Times

116 Homes Were Sold
Under 30 Days

48 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Tempe are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Tempe, AZ

Tempe, AZ has 489 homes for sale to choose from. Between April 2022 and May 2022, Tempe, AZ real estate market has seen increase in the number of listings by 4.5%. While the average time on the market in May 2022 was 21 days, the median list price was $450,000. This housing market listing prices have changed between April 2022 and May 2022: prices of 1 bedroom properties went up by 27.3%, 2 bedrooms properties became 26.8% more expensive, 3 bedrooms properties became 25.6% more expensive, 4 bedrooms properties prices increased by 20.9%, the cost of 5 bedrooms properties went up by 20.2%. The following changes in the number of homes for sale were observed in this housing market: 1 bedroom homes became 13.3% more available, 2 bedrooms homes inventory decreased by 5.6%, 3 bedrooms homes inventory increased by 3.1%, the quantity of 4 bedrooms homes went up by 11.6%, the quantity of 5 bedrooms homes went up by 15.6%. While more than 95 listings in Tempe, AZ in May 2022 were sold above asking price, there were more than 29 listings sold at asking price, and more than 42 were sold below.

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