Your Arizona Market Update
Tempe, AZ
Single-Family Homes
Tempe, AZ
Sat May 04 2024
This week the median list price for Tempe, AZ is $595,000 with the market action index hovering around 51. This is less than last month's market action index of 52. Inventory has increased to 121.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Real-Time Market Profile
| Median List Price | $595,000 | |
| Median Price of New Listings | $607,500 | |
| Per Square Foot | $328 | |
| Average Days on Market | 61 | |
| Median Days on Market | 28 | |
| Price Decreased | 50% | |
| Price Increased | 0% | |
| Relisted | 2% | |
| Inventory | 121 | |
| Median Rent | ||
| Market Action | 51 | |
| Strong Seller's Market | ||
The market is hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $899,500 | 2,887 | 0.25 - 0.5 acre | 4 | 3 | 47 | 4 | 3 | 28 |
| $649,000 | 1,988 | 8,000 - 10,000 sqft | 4 | 2 | 53 | 9 | 7 | 38 |
| $564,500 | 1,695 | 6,500 - 8,000 sqft | 3 | 2 | 52 | 5 | 8 | 38 |
| $475,000 | 1,396 | 6,500 - 8,000 sqft | 3 | 2 | 53 | 8 | 3 | 14 |