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May 2024 Tempe Housing Market Report

Updated: May 30

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Source for monthly Tempe Housing Market Report by Realtors serving Tempe, AZ. Information is power. Facts not fiction from the Arizona Regional Multiple Listing Service (ARMLS).


  Text 602-300-0374





 AT A GLANCE

(Swipe left)

Strong Buyer's Market

Buyer's Market

Balanced

Seller's Market

Strong Seller's Market

On a price per-square foot average (see table below):

  • At $301 per square foot, prices are up +$7 from last month, up +$31 from last April, and down -$13 from their peak of $314 in May '22

  • Last month, sellers received an average of -$4,641 less than their asking prices

  • May 2024 began 149 listings, which is 121% of the 3 year average of 123  (from 2021-2023)  

  • April had 88 sales, or 70% of the 3 year average of 126 (from 2021-2023)

  • Tempe is currently turning over housing inventory once every 1.5 months

  • Bank-owned properties and short sales make up only 1.1% of all Tempe sales

    

  

Tempe Housing Market Report Updated for May 2024


To reduce data errors results are based on:

  1. Tempe SOLD single family residences, patio homes, and townhomes (ask us about condos)

  2. List/sales price under $1,000,000

  3. Size over 1,000 sq ft.

  4. Calendar month



Tempe sales data below will increase your understanding the local housing market (we have city data archived back to January 2008).

 

 

  Table Explanation

(Swipe left for full data)

 

Month

Total Active

Total Sold

% Sold

MO. INV.

Sq ft

Price

DOM

$$ sq ft

+/- List Price

May-24

149

 

 

 

 

 

 

 

 

Apr-24

129

88

68.2%

1.5

1,735

$522,773

41

$301

-$4,641

Mar-24

125

83

66.4%

1.5

1,720

$506,302

55

$294

-$8,686

Feb-24

104

95

91.3%

1.1

1,731

$508,860

56

$294

-$10,914

Jan-24

148

59

39.9%

2.5

1,681

$475,638

53

$283

-$12,989

 

 

 

 

 

 

 

 

 

 

Dec-23

163

76

46.6%

2.1

1,763

$510,995

37

$290

-$12,847

Nov-23

155

69

44.5%

2.2

1,707

$471,653

46

$276

-$14,319

Oct-23

147

88

59.9%

1.7

1,754

$524,027

47

$299

-$8,087

Sep-23

126

89

70.6%

1.4

1,777

$519,927

36

$293

-$6,247

Aug-23

110

88

80.0%

1.3

1,755

$518,540

40

$295

-$8,431

Jul-23

102

74

72.5%

1.4

1,599

$471,394

47

$295

-$7,041

Jun-23

89

101

113.5%

0.9

1,712

$498,075

46

$291

-$6,659

May-23

87

102

117.2%

0.9

1,745

$512,053

40

$293

-$6,399

Apr-23

102

92

90.2%

1.1

1,758

$474,416

58

$270

 

Mar-23

128

92

71.9%

1.4

1,626

$449,678

75

$277

 

Feb-23

143

82

57.3%

1.7

1,658

$471,908

72

$285

 

Jan-23

176

76

43.2%

2.3

1,760

$469,844

68

$267

 

 

 

 

 

 

 

 

 

 

 

Dec-22

208

85

40.9%

2.4

1,825

$488,484

68

$268

 

Nov-22

239

75

31.4%

3.2

1,838

$471,704

50

$257

 

Oct-22

256

100

39.1%

2.6

1,737

$502,988

45

$290

 

Sep-22

272

103

37.9%

2.6

1,738

$502,989

46

$289

 

Aug-22

270

114

42.2%

2.4

1,719

$505,799

34

$294

 

Jul-22

192

109

56.8%

1.8

1,741

$519,040

23

$298

 

Jun-22

121

149

123.1%

0.8

1,732

$539,292

20

$311

 

May-22

70

157

224.3%

0.4

1,699

$534,267

20

$314

 

Apr-22

57

139

243.9%

0.4

1,782

$553,940

21

$311

 

Mar-22

48

149

310.4%

0.3

1,799

$531,940

29

$296

 

Feb-22

63

130

206.3%

0.5

1,765

$516,441

28

$293

 

Jan-22

70

138

197.1%

0.5

1,753

$493,215

34

$281

 

 

 

 

 

 

 

 

 

 

 

Dec-21

102

149

146.1%

0.7

1,801

$488,267

29

$271

 

Nov-21

130

167

128.5%

0.8

1,612

$448,206

32

$278

 

Oct-21

125

174

139.2%

0.7

1,763

$471,943

30

$268

 

Sep-21

128

175

136.7%

0.7

1,739

$459,276

27

$264

 

Aug-21

121

189

156.2%

0.6

1,707

$459,827

24

$269

 

Jul-21

97

178

183.5%

0.5

1,690

$442,669

22

$262

 

Jun-21

65

187

287.7%

0.3

1,782

$471,446

20

$265

 

May-21

48

157

327.1%

0.3

1,816

$463,935

21

$255

 

Apr-21

60

190

316.7%

0.3

1,757

$428,097

24

$244

 

Mar-21

46

176

382.6%

0.3

1,756

$414,071

26

$236

 

Feb-21

57

160

280.7%

0.4

1,731

$391,627

30

$226

 

Jan-21

70

141

201.4%

0.5

1,746

$383,451

42

$220

 


 

 

Table Explanation for Tempe Housing Market Report


NOTE: we use the term “foreclosure” to describe bank owned homes and short sales because most people are familiar with it. “Distressed Properties” may be more accurate.

  1. Total Active – # of homes for sale at the beginning of the current month

  2. Total Sold – # of homes sold in the current month

  3. % Sold – a ratio of total sold to total active

  4. MO. INV. – based on total sold, how many months it would take to sell the total “active” inventory

  5. Sq ft – average square footage of sold homes

  6. Price – average sales price of sold homes

  7. DOM – Days On Market, or average days to sale

  8. $ sq ft – average price per square foot

  9. +/- List Price – the average dollars received by sellers above or below their average list prices

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