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 February 2023

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.

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

-$13,822(-2.9%)

Key Takeaway

Homes in Tempe have sold for 2.9% less than they did a year ago.

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

# BEDSFeb 2023Feb 2024CHANGE
1 $242.5K$250K
+3.1%
2 $337.7K$335K
-0.8%
3 $470K$457.7K
-2.6%
4 $580K$555.1K
-4.3%
5+ $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%.

Median Sold Price Compared To Nearby Cities

Chandler
-1.9%
Mesa
-2.2%
Tempe
-2.9%

Housing Supply in Tempe, AZ

How many homes are available in Tempe, AZ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
347373+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

# BEDSJan 2024Feb 2024CHANGE
1 1210
-16.7%
2 7590
+20.0%
3 140144
+2.9%
4 98103
+5.1%
5+ 2226
+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 2024Feb 2024CHANGE
73110+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Tempe, you may be able to get a good deal. 60% of homes here sold below asking price last month.

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 2023Feb 2024CHANGE
72 Days57 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

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Tempe has remained consistent over time.

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.

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

Report Updated 4 Days Ago

Newest Listings in Tempe, AZ

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