Tempe Market Report
Welcome to the October 2022 Tempe, Arizona Market Report. Tempe is considered to be in the East Valley and has a population of 184,118. The average home price in the month of October for Tempe was $471,970, down $12,720 from the previous month of September. The average lease price per square foot in Tempe listed on the MLS was $1.51 in October, down from $1.53 in September, showing that rent prices are holding firm and have yet to decline significantly in the Tempe area.
The total number of Tempe homes sold in October was 123, down 18 sales from 141 in September. This has also been a common theme throughout the valley and is consistent with the time of year.
It took homes in Tempe an average of 50 days to go under contract in October, which is 5 days longer than it took in September, at 45 days. As you can see from the chart, Tempe has stayed relatively consistent from January 2021 through July 2022. August is really when we see the trend shifting upward, as it is a common theme throughout the valley.
Tempe is in line with the rest of the valley and has joined the Buyer’s Market Club. With a $471k average sales price, Tempe, Arizona, is ranked among the more affordable cities in the Phoenix Metro, partly due to campus housing and aging neighborhoods. Tempe’s prime location and popularity make it a well-rounded option for many different types of buyers.