Tempe Real Estate Market Overview
Tempe Market Highlights
As of May 5, 2025, the residential real estate market in Tempe exhibits a blend of emerging trends that are shaping the dynamics for both buyers and sellers.
- Over the past month, the number of active listings has increased to 611, indicating a rise in inventory compared to 447 listings just three months ago.
- The average sold price has decreased to $471,659 over the last month from $519,945 three months prior, reflecting shifts in buyer sentiment or pricing strategies.
- Days on Market (DOM) have also seen an uptick, currently at 76 days, encouraging prospective sellers to rethink their pricing.
- Meanwhile, the months of inventory stand at 5.1, suggesting a balanced market where neither buyers nor sellers hold an overwhelming advantage.
Curious how the Tempe market has changed over time?
Most Recent Tempe Listings
See More Listings in Tempe
Be the First to Know About New and Updated Listings
Get email alerts when new listings hit the market or have price changes.
No spam. Unsubscribe anytime. Your info stays safe—I promise.
Explore Tempe by Property Type
Tempe Real Estate Market Report
An In-Depth Look at the Tempe All Property Types Market
The current state of the Tempe residential real estate market highlights several noteworthy trends that provide insights for both buyers and sellers navigating this landscape.
To begin, the number of active listings has surged over the past month, climbing to 611, from 447 just three months ago. This increase indicates that housing supply is on the rise, giving buyers more options in their search and potentially settling into a more balanced market scenario.
In contrast, we’ve observed a decline in sold prices, with the average price for sold homes currently standing at $471,659, a notable drop from $519,945 witnessed three months ago. This dip of approximately 9% may suggest decreasing buyer confidence or adjustments in pricing as sellers respond to the evolving market conditions.
Furthermore, the Days on Market (DOM) have increased to 76 days, up from 102 days three months ago, reflecting that homes are sitting longer before closing, which may indicate a cooling in buyer urgency or a stabilization of market conditions.
Most critically, the months of inventory currently rest at 5.1 months, which traditionally suggests a balanced market. This metric indicates that while there is an adequate supply to meet demand, it's not overly skewed towards either buyers or sellers. For context, a balanced market typically maintains levels between four to six months of inventory.
As we examine these trends, it is crucial for sellers to consider the implications of prolonged DOM and decreasing sold prices. A pricing strategy may need reevaluation to attract buyers who are discerning amidst an increase in options. Buyers, on the other hand, may find this period advantageous for negotiations, given the rising inventory levels and the downward pressure on sold prices.
Overall, the Tempe residential real estate market is shifting. These metrics can be pivotal in guiding both buying and selling decisions as stakeholders strive to make informed choices in this evolving landscape.
Info About Tempe
Tempe Homes for Sale
Tempe, Arizona is a suburb of Phoenix, but it is much more than that. Tempe is a thriving, active, and fun city in its own right. Tempe has a population of 184,118.
Much of Tempe’s unique, youthful character comes from its place as the home of Arizona State University.
With a population of over 75,000 students, ASU has a strong effect on the character of Tempe’s economy, real estate, restaurants, culture, and nightlife.
Read More...
One thing you are sure to notice that the city residents owe to the university is the extreme walkability of the area. Most areas in Tempe feature well-lit sidewalks that cater to those who would rather not drive where they can walk – like poor college students.
Real Estate in Tempe
While ASU does play a large role in the city, real estate offerings are not exclusively one-bedroom apartments and small houses surrounding the campus. No, Tempe boasts a diverse array of real estate offerings. Whether you would like that low-maintenance condo convenient to the bars or an equestrian estate with plenty of privacy along the outskirts of Tempe, it’s here. While you can find every type of real estate in Tempe, there are a few sections where you are more likely to find a certain type of home for sale.
In south Tempe, you will find plenty of new construction along with the master-planned community model. There are plenty of nice, new-built homes in stunning subdivisions catering to families with children. Here you will find a lifestyle built along with the ideal American neighborhood, complete with corner coffee shops, boutique stores, and small restaurants.
To the north of Tempe, you will find plenty of upscale multifamily housing developments. This area of the city caters to those who want to live the urban lifestyle. Everything is within walking distance including the light rail. These new condos and lofts are the perfect option for those who want to live in the very heart of things.
While you can find new construction in the north and south Tempe, if you would rather live in a more established neighborhood full of unique homes, you can find those scattered throughout central Tempe.
Tempe Condos for Sale
What to Do in Tempe
For those who love shopping, you cannot go wrong taking a trip to the Tempe Marketplace. The Marketplace is a 1.3 million square foot outdoor retail and entertainment facility that allows shoppers to enjoy being outdoors while engaging in some retail therapy.
For those who love to shop at funky, owner-operated boutiques and galleries, the Mill Avenue District is your own piece of paradise. This historic, tree-lined district of Tempe is full of small boutiques, art galleries, salons, bars, and restaurants.
For the bargain shopper, you will find your fill of deals at the Arizona Mills Outlet Mall. Arizona Mills features over 175 shops offering fantastic bargains.
For the nights you just want to go out to eat, you cannot beat Mill Avenue for both quality and variety. Just taking a stroll down Mill Avenue will excite your palate and start your stomach growling. It’s amazing the variety of cuisines you will find here. Whether you are hoping for a fine-dining experience or a laid-back taco joint with a twist, it’s all in this one small area.
If you love the nightlife, you don’t even need to leave Mill Avenue after dinner. You can segue right into one of the many bars, dance clubs, and music venues that line the avenue.
What about those days when you don’t feel like shopping or going out to eat, but you still want to be outside? There are several golf courses in the area, you could take a crack at climbing “A” Mountain, or you could just get a paddleboat or kayak and tool around Tempe Town Lake for a while.
Tempe Industry
Fortune 500 companies Insight Enterprises and Carvana are headquartered here. Other headquarters in Tempe include, but are not limited to, Amkor Technology, Circle K, DriveTime, Four Peaks Brewery, GoDaddy, LifeLock, and Mobile Mini.
Tempe Arts, Entertainment, Shopping and Activities
Tempe’s Famous Mill Av
Tempe hosts several great performance venues including Gammage Auditorium and the Tempe Center for the Arts.
Tempe is home to many outdoor activities, including Tempe Town Lake (fishing, boating, kayaking), Papago park offers hiking, mountain and road biking, rock climbing, and equestrian activities. Tempe is home to the annual Iron Man competition which takes place in late November.
Mill Avenue located just west of Hayden Butte, is a shopping and entertainment area in the city popular with pedestrians and students. With the completion of Tempe Town Lake, commercial and high-rise development along the reservoir quickly transformed the cityscape of Mill Avenue and the skyline of downtown Tempe.
Near the university in downtown Tempe, Mill Avenue is one of the nicest and most interesting walking neighborhoods in the Valley of the Sun, with restaurants, bars, coffee shops, retail, and entertainment. Some of the largest festivals in the area and in the Southwest are held here, and Mill Avenue and the surrounding streets may be closed to vehicular traffic during these events.
