Market Report: Tempe Arizona
Tempe is home to ASU which gives it the vibrant, youthful energy one feels within the city. Tempe was hard hit by the recent economic meltdown, damages to the State's tax base resulted in increases in tuition, and Tempe suffered a double blow.
Home Prices in Tempe have not recovered as they have in some other suburbs. Average sales in $/sqft were $95.37 last month compared to $95.06 for the same month a year ago.
Inventory is diminished, there are 299 single family homes for sale todayas opposed to 478 a year ago. The present inventory represents a 3.4 month suppply.
Home prices vary from 29.9K for a townhome to 6.85M for a seven acre estate with 14000 sq ft of well-appointed living area. Listings may be viewed here.
Now is a wonderful time to invest in Tempe real estate, low prices and the ever-present draw of a large university will combine to drive prices up as the economy improves.
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