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

Housing Market Conditions



Gauge showing Tempe is a seller'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



Based on all homes sold in the last 12 months.

Difference Since February 2023


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
2 $337.7K$335K
3 $470K$457.7K
4 $580K$555.1K
5+ $765K$715K

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


Housing Supply in Tempe, AZ

How many homes are available in Tempe, AZ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE

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
2 7590
3 140144
4 98103
5+ 2226

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

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

Nearby Markets to Tempe, AZ

What housing markets are near Tempe, AZ?