Here is the most recent Tempe Real Estate Housing Market Report for October 2020:
The average sales price of homes in Tempe increased again (almost up to $450,000), and so did the average sold price per square foot. Days on market has increased for the second straight month, up to 35 DOM. Tempe home sales are much higher than in October of last year (17.8%), which I believe may have something to do with the COVID-19 pandemic extending the summer home sales season, and the continued high demand for homes in the Phoenix Metropolitan area. The number of new listings is also higher than October of last year, also higher by 17.8%. The number of active listings actually reported a number higher than October of last year.
The lack of listings continues to drive demand and home prices higher, so if listings continue higher expect a slowdown in home values. With that said, median home values in Tempe have increased an average of 14.9% since October of 2019. With interest rates remaining around 3.0%, there are still more buyers looking to purchase heading into the winter.
Click on the following link to see all current Tempe Arizona Homes For Sale.
For more detailed stats on the Tempe Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me se we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me,
it's about making a difference in the lives of others"
Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.