Tempe AZ Real Estate Statistics 2023-2022
- 31.6% Decrease In Pending Transactions Of $183 Per Sqft
- 3.9% Median List Price Increase Yoy To $404,500
- 3.2% Rental Price Increase Yoy In Tempe From $1,622 In 2021 To $1,673 In December 2022
- 31.6% Decrease In Pending Transactions Of $183 Per Sqft
- 2021-2022 Tempe Analysis
- 2022 December Real Estate Market Strength In Tempe
- 205.26% Increase In Home Appreciation Rates
- 19.4% Increase Since May 2021
- 2.6% Annual Rent Yield For Investors
- 2017.2 Housing Density In Tempe
- 44.4% Decrease In New Listings But Increase In Average Sold Price
- Number Of Foreclosure Filings In Tempe In January 2021
- 31.6% Decrease In Pending Transactions Of $183 Per Sqft
Tempe Arizona Real Estate Facts 2023-2022
The real estate scene in Tempe, Arizona, can be described as moderately competitive, with a score of 48 on a scale of 100. Recently, Zillow recorded the average cost of a home in the city at $445,000, a compared to the previous year.
Decrease In Pending Transactions Of $183 Per Sqft
In inventory, the number of homes for sale increased slightly year-over-year by 0.3%, but a sharp decline in demand has led to a 31.6% decrease in pending transactions. The median price per square foot in Tempe is $183, which is higher than the Phoenix Metro average of $170. Prices have been relatively stable over the past year, but they are expected to rise in the coming months.
The Tempe housing market was a strong seller’s market in December 2022, as the number of homes for sale was down compared to the previous year. The high demand and low inventory have increased sales, with the median list from $389,900 in 2021 to $404,500 in December 2022.
Most homes sold in Tempe were on the market for an average of 56 days, and 12.4% sold within a month. The housing market is expected to remain strong in 2021, so now may be the ideal time to purchase a home if you are interested in taking advantage of current prices.
3.2% Rental Price Increase Yoy In Tempe From $1,622 In 2021 To $1,673 In December 2022
The rental market in Tempe is equally strong, with prices from $1,622 in 2021 to $1,673 in December 2022. The number of units available for rent has decreased slightly since December 2021, but there are still plenty of options for prospective tenants looking for a place to call home. The average rental rate per square foot is $1.14, slightly lower than the Phoenix Metro average of $1.25.
Tempe is an attractive destination for buyers and renters due to its substantial real estate market and competitive prices. With a median list price of $404,500 and an average sale price per sq. ft. of $183, it is a great place to find a home in Arizona. Additionally, the rental market is equally strong, with an average rental rate per square foot of $1.14 and plenty of options for prospective tenants. Tempe is an excellent choice for those looking to buy or rent a home in Arizona.
2021-2022 Tempe Analysis
The Tempe housing market began 2022 with a surge in median sales prices, reaching a new all-time high in January. However, as the year progressed, there was a fluctuation in the market with alternating increases and decreases in median sales prices each month through September, leading to an overall downward trend. October and November saw a drop in median sales prices, with a compared to November of the previous year. The movement in the last year, 2021, was also a strong start, with an all-time high in January but showed a fluctuation as well, with a new all-time high of $488,250 in September. The market decreased slightly in October and November but increased again in December, with a 23.3% increase compared to December of the previous year. With the low inventory and high buyer demand, the market is expected to continue to see a rise in prices, but the rate may not be as significant as it was in 2020.
2022 December Real Estate Market Strength In Tempe
Tempe’s real estate market is currently strong and expected to remain until 2021. With a median home price of $524,000, 334 homes listed, and a median list price of $404,500 in December 2022, it is clear that Tempe is an attractive option for both buyers and renters. Additionally, the average sale price per square foot in Tempe is $183, and the average rental rate per square foot is $1.14, which is higher than the Phoenix Metro averages. With these positives, plus a median home value of $378,500 as of March 2021 ( more trends
), Tempe is a great place to invest in real estate.
Tempe Arizona Home appreciation rates
The Tempe housing market boasts a median cost of homes at $452,319, significantly above the national average. The city’s housing units primarily consist of large apartment complexes and high-rise apartments, accounting for 40.80% of the city’s housing. Single-family detached homes, row houses and other attached homes, and small apartment buildings comprise a significant portion of the housing stock.
In recent years, Tempe has seen exceptional home appreciation rates, with a 205.26% increase over the past decade, putting it in the top 10% nationally for real estate appreciation. Despite a nationwide housing market downturn, Tempe’s real estate continues to appreciate faster than most communities. The appreciation rate for the latest, higher than 86.97% of cities and towns in the nation. Additionally, compared to the rest of Arizona, Tempe’s appreciation rate is higher than 70% of other cities and towns in the state.
19.4% Price Increase Since May 2021
The Tempe housing market is heating up, with the median home price currently sitting at a robust $480,000, a from just a few months ago, in May 2021. Not only are homes becoming more expensive, but they’re also being snatched up at a faster pace. On average, Tempe homes stay on the market for a mere 35 days, a whole day shorter than the middle market in May.
2.6% Annual Rent Yield For Investors
The Tempe real estate market is a prime spot for potential investors, with 13 properties available for rent and nine for sale. Over the past year, houses in Tempe have seen a median sold price of $1,532,000, showcasing its potential as a valuable investment. For those considering a rental property, homes in Tempe are fetching $700 per week, with an annual rental yield of 2.6%. Additionally, units in Tempe are bringing in $405 per week in rent, with a rental property. Analyzing a five-year sales trend, the Tempe housing market has demonstrated a steady growth rate of 1.1% for houses, making it a reliable and stable investment opportunity.
2017.2 Housing density in Tempe
Tempe has a wide variety of amenities, making Arizona a great option for older poeple looking for an active lifestyle. The Tempe housing market is bustling, with a total of 80,663 housing units in the area. It stands out in the region for its high housing density of 2017.2, the second highest among all the places in the greater area, with Guadalupe being the city with the most. Compared to the United States average of 39.5, Tempe’s housing density is substantially larger. It is also more considerable compared to the state of Arizona’s density of 26.9. The housing unit change in Tempe is also noteworthy, at 9.8%, which is in the middle range of other places in the metropolitan area. Guadalupe city shows the most significant change in the housing units at 25.7%. Comparing this change to the United States average of 7.4%, Tempe has a 32.7% larger change. And compared to the state of Arizona’s adaptation in the housing units of 7.5%, Tempe is 31.3% larger. These numbers indicate that the area is experiencing steady growth, which could be a good indicator of the potential housing shortage.
44.4% Decrease in New Listings but Increase in Average Sold Price
The Tempe housing market in December 2022 shows a decrease in the number of new listings for homes for sale, from the same period a year ago. Despite this decrease, the average sold price for single-family homes in the area has seen an increase of 4.9%, with a current average price of $539,098. However, the median sold price dropped slightly by 1.0% to $480,000 in December 2022 compared to December 2021. Most single-family homes sold in Tempe during December 2022 were regular sales instead of foreclosures or short sales. The most expensive home sold in December 2022 in Tempe was $1,725,000. If you have any questions about this report or the overall performance of the Tempe housing market, don’t hesitate to reach out to a local realtor.
Number of foreclosure filings in Tempe in January 2021
Foreclosures: There were 66 foreclosure filings reported in Tempe during January 2021, which represents an from December 2020. The Tempe housing market has seen a steady increase in appreciation and demand over the past few years. With its robust economy, excellent amenities, and range of properties available for rent and sale, Tempe is an attractive option for potential home buyers and investors looking to purchase or rent property in Arizona.