The housing market for Tempe, Arizona, 85283 feels like a repeat of early 2022! Sales are quick and there are very few homes for sale in 85283. The focus of this report will be for homes about 1500 square feet that are priced between $400,000 and $600,000.
The zip code 85283 is south of Arizona State University, with a student population of over 74,000 students in Tempe. ASU also has campuses in downtown Phoenix, Glendale, Mesa and a new Innovation Center being built near Mayo Hospital in Phoenix. So the total student population is well over 100,000.
Rental homes are common in the Tempe area and in demand. The population of the City of Tempe is over 118,000 people not including ASU students.
Tempe is a diverse city with plenty of entertainment options. These include activities in and around Tempe Town Lake, historic home tours, ASU sporting events, Grady Gammage music and theater productions, Desert Botanical Gardens, Phoenix Zoo, and MANY more options. Tempe is also known for being a sustainable city and just completed a sustainability plan!
Photo is of Tempe Beach Park on the South Side of Tempe Town Lake.
Housing inventory is down 60% from a year ago in this price range and in 85283. Listing totals are very similar to 2021 inventory. There are 15 homes for sale priced between $400,000 and $600,000. Even with higher interest rates, these homes are selling!
The time it takes to sell a home in 85283 priced between $400,000 and $600,000 has dropped to 29 days! That's half the time of the average for the Phoenix Metro Area.
The Median Sales price in 85283 reached a peak in May, 2022 of $577,500. Interest rates started to rise in March, 2022, creating a slide in sales and prices. As of 9/26, the median sale price has peaked at $494,700, the highest price since that peak price. With low inventory and quick sales, prices will rise going forward, and especially if interest rates drop.
The number of sales between $400,000 and $600,000 has flattened, but holding steady at 161 sales so far this year. The highest volume year for sales in 85283 in that price range was 251 sales in May, 2022. So far this year, we are holding steady at the same number of sales.
If you are looking for housing in this area, be sure to consult with a professional that understands the current market statistics and can guide you through the sales process!