August 2024 Tempe Housing Market Report

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).

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LISTINGS TO BEGIN AUGUST and JULY RESULTS

(Table may require a swipe left on mobile devices)

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 $303 per-square foot in August, prices are up +$6 from July, up +$8 from last August, and down -$11 from their peak of $314 in May '22
  

• Last month, sellers received an average of -$11,532 less than their asking prices
  

• September 2024 began 193 listings, which is 157% of the 3 year average of 123  (from 2021-2023)  

• August had 84 sales, or 67% of the 3 year average of 126 (from 2021-2023)
  

• Tempe is currently turning over housing inventory once every 2.1 months
  

• Days on market for sold homes are currently 53
  

• Bank-owned properties and short sales make up only 0.0% of all Tempe sales

Tempe Housing Market Report Updated in September 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).

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  Table Explanation

(Table may require a swipe left on mobile devices)

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Month	Total Active	Total Sold	% Sold	MO. INV.	Sq ft	Price	DOM	$$ sq ft	+/- List Price
Sep-24	193
Aug-24	178	84	47.2%	2.1	1,645	$498,914	53	$303	-$11,532
Jul-24	179	94	52.5%	1.9	1,772	$526,195	46	$297	-$9,779
Jun-24	163	105	64.4%	1.6	1,714	$517,587	38	$302	-$8,263
May-24	149	128	85.9%	1.2	1,810	$532,199	49	$294	-$10,110
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

Monthly Tempe Housing Market Report by Realtors serving Tempe, AZ