Is Tempe, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$474,936
$303/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Tempe have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Tempe was $474,936 in May 2024, up 5.7% from last year, and the median price per square foot was $303.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $232K | $240.5K | +3.7% |
| 2 Bedrooms | $329.7K | $345K | +4.6% |
| 3 Bedrooms | $450K | $469.9K | +4.4% |
| 4 Bedrooms | $565K | $564.6K | -0.1% |
| 5+ Bedrooms | $780K | $729.7K | -6.4% |
Summary: Tempe housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.7%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 4.4%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes decreased by 6.4%.
Housing Supply in Tempe, AZ
How many homes are available in Tempe, AZ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 445 | 495 | +11.2% |
Summary: The Tempe real estate market had 495 homes for sale in May 2024, a 11.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 20 | 21 | +5.0% |
| 2 Bedrooms | 103 | 116 | +12.6% |
| 3 Bedrooms | 180 | 209 | +16.1% |
| 4 Bedrooms | 114 | 122 | +7.0% |
| 5+ Bedrooms | 28 | 27 | -3.6% |
Summary: The Tempe housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5%, 2 bedroom homes increased by 12.6%, 3 bedroom homes increased by 16.1%, 4 bedroom homes increased by 7%, and 5+ bedroom homes decreased by 3.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 110 | 158 | +43.6% |
Asking Price vs. Sold Price
93 Homes Were Sold
Under Asking
43 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Tempe, you may be able to get a good deal. 58.9% of homes here sold below asking price last month.
Summary: A total of 158 homes were sold or pending in Tempe in May 2024, up by 43.6% month-over-month. Of the 158 sold homes, 59% were sold under asking, 27% were sold at asking, and 14% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 49 Days | 48 Days | -1.5% |
Summary: Homes in Tempe had an average of 48 days on market in May 2024, down by 1.5% compared to last year.
Breakdown of Home Sale Times
68 Homes Were Sold
Under 30 Days
73 Homes Were Sold
In 30 - 90 Days
17 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Tempe has remained consistent over time.
Summary: During May 2024, 158 homes were sold in Tempe; 43% of homes were sold within 30 days, 46% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Arizona Regional Multiple Listing Service, Inc. Indicates a property listed by a real estate brokerage other than Rocket Homes Real Estate, LLC. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Arizona Regional Multiple Listing Service, Inc. do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Information deemed reliable but not guaranteed. Copyright© 2024 Arizona Regional Multiple Listing Service, Inc. All Rights Reserved.