Tempe – Arizona

Tempe – Arizona

Unlike any other city in the Valley of the Sun, Tempe, home to Arizona State University, is landlocked on all sides by neighboring communities and ran out of land to build on a while ago. The vigorous economic expansion of the city and the university has created an imbalance between the supply and demand of homes. The city has enthusiastically embraced increasing density and vertical developments. The scarcity of single-family detached homes is apparent as prices remain in an upward trend.  Tempe at this point is a seller’s market.

MARKET DATA
(Sales Closed from July 1, 2023 to December 31, 2023)
SINGLE-FAMILY HOMES ONLY
MEDIAN PRICE:
$540,000
AVG PRICE:
$591,609
HOMES CLOSED:
375
AVG  SQ. FT:
1956

Based on information from Arizona Regional MLS for the period

TRENDS

Source: Arizona Multiple Listing System

*It’s important to note that the real estate market can be influenced by many factors, such as economic conditions, interest rates, and local markets. it’s always advisable to contact us for the most up-to-date and specific information.

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