Is Tempe, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$470,285
$302/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Tempe was $470,285 in April 2024, up 4.5% from last year, and the median price per square foot was $302.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $232K | $250K | +7.8% |
2 Bedrooms | $330K | $341.6K | +3.5% |
3 Bedrooms | $455.7K | $469K | +2.9% |
4 Bedrooms | $568.5K | $560K | -1.5% |
5+ Bedrooms | $775K | $720K | -7.1% |
Summary: Tempe housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.8%, 2 bedroom homes increased by 3.5%, 3 bedroom homes increased by 2.9%, 4 bedroom homes decreased by 1.5%, and 5+ bedroom homes decreased by 7.1%.
Housing Supply in Tempe, AZ
How many homes are available in Tempe, AZ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
394 | 435 | +10.4% |
Summary: The Tempe real estate market had 435 homes for sale in April 2024, a 10.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 14 | 20 | +42.9% |
2 Bedrooms | 100 | 102 | +2.0% |
3 Bedrooms | 145 | 169 | +16.6% |
4 Bedrooms | 107 | 113 | +5.6% |
5+ Bedrooms | 28 | 31 | +10.7% |
Summary: The Tempe housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 42.9%, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 16.6%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 10.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
105 | 111 | +5.7% |
Asking Price vs. Sold Price
67 Homes Were Sold
Under Asking
27 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 111 homes were sold or pending in Tempe in April 2024, up by 5.7% month-over-month. Of the 111 sold homes, 60% were sold under asking, 24% were sold at asking, and 15% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
54 Days | 42 Days | -20.8% |
Summary: Homes in Tempe had an average of 42 days on market in Apr 2024, down by 20.8% compared to last year.
Breakdown of Home Sale Times
56 Homes Were Sold
Under 30 Days
44 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Summary: During April 2024, 111 homes were sold in Tempe; 50% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.