Old Republic Title's Market Report
Tempe, AZ
Single-Family Homes
Tempe, AZ
Thu Nov 21 2024
This week the median list price for Tempe, AZ is $575,000 with the market action index hovering around 40. This is less than last month's market action index of 42. Inventory has increased to 195.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $575,000 | |
| Median Price of New Listings | $564,499 | |
| Per Square Foot | $317 | |
| Average Days on Market | 70 | |
| Median Days on Market | 42 | |
| Price Decreased | 48% | |
| Price Increased | 3% | |
| Relisted | 7% | |
| Inventory | 195 | |
| Median Rent | ||
| Market Action | 40 | |
| Slight Seller's Advantage | ||
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 |
|---|---|---|---|---|---|---|---|---|
| $949,000 | 2,965 | 0.25 - 0.5 acre | 4 | 3 | 37 | 8 | 3 | 31 |
| $600,000 | 2,050 | 6,500 - 8,000 sqft | 4 | 2 | 52 | 5 | 5 | 63 |
| $544,900 | 1,746 | 6,500 - 8,000 sqft | 3 | 2 | 53 | 9 | 8 | 35 |
| $455,900 | 1,470 | 6,500 - 8,000 sqft | 3 | 2 | 52 | 6 | 7 | 42 |