Tempe, AZ
Real Estate

Market
Overview
Info
About
Featured
Cities
Featured
Areas
Property
Type
For
Sale
Listings
to Inbox
Featured
Subdivisions
Market
Report

Brian Adamski, Realtor

Top Producing Agent
Meticulous Attention to Detail

Tempe Market Overview

Houses

Highlights

As of April 15, 2025, the single-family home market in Tempe is experiencing notable shifts that would interest both buyers and sellers.

Over the past month, the number of active listings has grown to 266, a significant increase compared to 188 three months ago.
The average days on market (DOM) for active listings currently stands at 63 days, rising from 84 days just three months ago.
Additionally, the average sold price has climbed to $636,384, reflecting a renewed interest in homeownership as sales have stabilized against rising inventory levels.

Market Snapshot as of 4.15.2025	Inventory and Pricing
Active Listings:	211
Avg Price:	$739,880
Avg Days on Market:	67
Avg Price per Sqft:	$339
Months of Inventory:	4.6

Sold Listings (last mo):	63
Avg Price:	$619,307
Avg Days on Market:	39
Avg Price per Sqft:	$331

Sold Listings (last 3 mos):	200
Avg Price:	$615,017
Avg Days on Market:	42
Avg Price per Sqft:	$316

Condos

Highlights

As of April 15, 2025, the condo and townhome market in Tempe continues to show dynamic changes influenced by shifting buyer behaviors.

The number of active listings has risen to 188 over the past month, significantly higher than the 124 available three months ago.
Despite this increase in listings, the average sold price has decreased slightly to $392,259, bucking higher listing prices of $409,144.
Importantly, the average days on market (DOM) has increased, now sitting at 60 days, indicating that homes are taking longer to sell.

Market Snapshot as of 4.15.2025	Inventory and Pricing
Active Listings:	136
Avg Price:	$409,979
Avg Days on Market:	65
Avg Price per Sqft:	$320
Months of Inventory:	5.2

Sold Listings (last mo):	38
Avg Price:	$344,000
Avg Days on Market:	38
Avg Price per Sqft:	$292

Sold Listings (last 3 mos):	110
Avg Price:	$363,034
Avg Days on Market:	51
Avg Price per Sqft:	$301

Land

Highlights

As of April 15, 2025, the land market in Tempe reflects ongoing dynamics characterized by shifts in pricing trends and buyer interest.

The average sold price has recently remained stable at $417,500, suggesting that those transactions are consistent despite fluctuating listing conditions.
Active listings have seen a slight decline, currently totaling 11, down from 13 three months ago, which may indicate a modest tightening of available options.
Additionally, the days on market (DOM) have eased to 134, signaling a slower pace in sales activity compared to past metrics.

Market Snapshot as of 4.15.2025	Inventory and Pricing
Active Listings:	12
Avg Price:	$1,146,530
Avg Days on Market:	87
Avg Price per Sqft:	$51
Months of Inventory:	4.3

Sold Listings (last mo):	0
Avg Price:	$0
Avg Days on Market:	0
Avg Price per Sqft:	$0

Sold Listings (last 3 mos):	3
Avg Price:	$570,000
Avg Days on Market:	68
Avg Price per Sqft:	$42

Multifamily

Highlights

As of April 15, 2025, the multifamily market in Tempe displays a blend of shifting trends amid fluctuating conditions.

The average number of active listings has increased notably to 17 over the past month, reflecting a growing supply in the market.
Currently, the months of inventory stand at 6.4, indicating a balanced market, neither favoring buyers nor sellers significantly.
In contrast, the average sold price has seen a slight reduction, currently at $595,667, showing an adjustment in buyer expectations.

Market Snapshot as of 4.15.2025	Inventory and Pricing
Active Listings:	13
Avg Price:	$1,373,999
Avg Days on Market:	226
Avg Price per Sqft:	$414
Months of Inventory:	6.0

Sold Listings (last mo):	3
Avg Price:	$694,000
Avg Days on Market:	19
Avg Price per Sqft:	$304

Sold Listings (last 3 mos):	7
Avg Price:	$645,083
Avg Days on Market:	78
Avg Price per Sqft:	$331

See the Full Market Report

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.

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.

Tempe Homes for Sale

Be the First to See New Listings

No pressure. Unsubscribe anytime. I hate spam too, so you can trust that I'll safeguard your information.

Tempe Market Report

Houses Condos Land Multifamily

Houses

Current as of 4.15.2025	Listings	Avg Price	Price per Sqft	Days on Market	Low Price	High Price	order_column
Active	211	739,880	339	67	250,000	3,500,000	1
Under Contract	106	646,974	321	52	300,000	2,575,000	2
Coming Soon	15	753,460	340	0	525,000	1,890,000	3

Sold as of 4.15.2025	Listings	Avg Price	YoY	Price per Sqft	Days on Market	Sold Price to List Price	Sold Price to Orig List Price	Low Price	High Price
Last 3 mos	200	615,017	0.0	315	42	98	96	229,575	2,365,000
Last 6 mos	417	619,125	0.0	312	42	98	96	229,575	4,202,000
Last 12 mos	853	601,734	0.0	311	40	98	96	213,125	4,202,000
2025	227	622,707	5.5	312	43	98	96	229,575	2,625,000
2024	840	590,020	4.3	310	41	98	96	184,300	4,202,000
2023	805	565,607	-2.6	298	44	98	95	205,000	4,000,000
2022	1,138	580,593	15.0	306	31	100	98	180,000	2,150,000
2021	1,512	504,844	21.1	269	21	101	101	136,225	2,840,000

An In-Depth Look at Tempe Houses

In a deeper examination of the Tempe single-family home market, we find a compelling interplay of metrics that highlight ongoing trends and potential opportunities.

The increase in active listings over the past month to 266 represents a 41% rise from the 188 listings observed three months ago. This shift signals a more favorable environment for buyers who can afford to pick from a larger selection. However, these new inventory levels are coupled with a notable decline in the average days on market, which now sits at 63 days compared to 84 days three months back. This increase in speed suggests that while more homes are available, those that enter the market continue to sell relatively quickly, indicating sustained buyer interest.

Moreover, the average price per square foot has seen a commendable growth, now averaging $339, which is an uptick from $331 three months ago. However, sold prices reflecting that interest have jumped to $636,384—a 9% increase since just three months ago, where the average was $583,050. Notably, this contrasts with a more modest increase in the average sales price per square foot for sold homes, which rose from $314 to $316. This suggests sellers are finding success in negotiating higher sale prices. The sold price to original list price percentage remains stable at 96%, indicating that properties generally sell close to their asking prices.

Such dynamics may encourage sellers to position their homes competitively while providing buyers with thicker inventory choices as the year progresses. Understanding these nuances can prove advantageous in navigating the current market, be it through strategically pricing listings or making timely offers on desirable homes. The current months of inventory stands at 4.1, a balanced figure that suggests neither group holds an overwhelming advantage, setting the stage for potential negotiations between buyers being drawn in by broader choices and sellers hoping to capitalize on current interest levels.

Condos

Current as of 4.15.2025	Listings	Avg Price	Price per Sqft	Days on Market	Low Price	High Price	order_column
Active	136	409,979	320	65	199,900	4,625,000	1
Under Contract	57	368,282	306	53	220,000	749,900	2
Coming Soon	5	359,998	318	0	310,000	425,000	3

Sold as of 4.15.2025	Listings	Avg Price	YoY	Price per Sqft	Days on Market	Sold Price to List Price	Sold Price to Orig List Price	Low Price	High Price
Last 3 mos	110	363,034	0.0	301	51	98	96	155,000	1,150,000
Last 6 mos	213	380,698	0.0	306	50	98	96	155,000	1,150,000
Last 12 mos	464	382,613	0.0	308	42	98	96	155,000	2,300,000
2025	126	366,232	-5.7	300	53	98	96	155,000	1,150,000
2024	467	388,456	5.8	312	37	98	97	192,100	2,300,000
2023	478	367,236	-1.1	303	37	98	97	189,000	1,100,000
2022	623	371,468	19.8	307	24	101	99	184,000	1,550,000
2021	1,004	310,123	23.8	256	20	101	101	110,000	1,875,000

An In-Depth Look at Tempe Condos

The Tempe condo and townhome market has seen various metrics reflect changing dynamics as we assess the environment over different timeframes, offering key insights for both buyers and sellers.

Analyzing inventory, we observe that active listings have climbed from 124 three months ago to 188 over the past month, a clear indication of growing supply. This surge in available units can create increased competition among sellers but also benefits buyers with more choices. However, despite this uptick in listings, the average sold price has shown a reverse trend and declined slightly from $395,548 three months prior to the current $392,259. This shift hints at a market adjustment, suggesting that buyers are negotiating lower prices than sellers initially anticipated.

The average price per square foot for sold condos skewed towards $317, aligning with the overall downward movement in sold prices. In contrast, the active listings maintain a higher average asking price of $409,144, leading to a noticeable gap, implying that many homes may not be selling at or near these premiums. Such discrepancies underscore the importance of accurate pricing strategies for sellers navigating this market.

Furthermore, the days on market (DOM) for active listings currently sits at 60 days, illustrating a trend where properties take longer to receive offers—a stark contrast to the quicker pace noted in previous periods. For context, DOM was at 53 days three months ago, indicating a slight increase in time needed for sales to transpire. An extended DOM often suggests that buyers are exercising more caution, which could be a reflection of varying economic conditions.

Moreover, the months of inventory, now at 5.6 months, signifies a balanced market overall. This metric illustrates a healthier supply versus demand dynamics than what might typically be expected in a seller's market. Overall, as inventory has increased while sold prices adjust downward, this may create a more favorable landscape for buyers to negotiate without feeling the pressures from previous market trends favoring sellers. Buyers are advised to conduct thorough analysis and seek properties that have spent considerable time on the market to maximize their negotiation leverage, whereas sellers may need to reconsider their pricing strategies and offer competitive incentives to attract interest amidst the evolving landscape.

Land

Current as of 4.15.2025	Listings	Avg Price	Price per Acre	Price per Sqft	Days on Market	Low Price	High Price	order_column
Active	12	1,146,530	2,210,033	51	87	165,000	3,800,000	1
Under Contract	1	1,700,000	2,398,057	55	439	1,700,000	1,700,000	2
Coming Soon	0	0	0	0	0	0	0	3

Sold as of 4.15.2025	Listings	Average Price	YoY	Price per Sqft	Price per Acre	Days on Market	Sold Price to List Price	Sold Price to Orig List Price	Low Price	High Price
Last 3 mos	3	570,000.0	0.0	42	1,834,701	68	93	93	350,000	875,000
Last 6 mos	4	560,000.0	0.0	34	1,478,270	50	96	96	350,000	875,000
Last 12 mos	13	552,529.2	0.0	37	1,617,592	65	93	96	219,500	925,000
2025	3	570,000.0	30.7	42	1,834,701	68	93	93	350,000	875,000
2024	12	519,396.0	-1.7	32	1,403,802	100	91	90	219,500	925,000
2023	11	380,455.0	-27.3	33	1,428,714	124	87	83	220,000	855,000
2022	10	560,500.0	45.1	45	1,965,859	245	97	90	150,000	1,470,000
2021	12	608,667.0	-26.4	31	1,355,073	86	96	94	62,000	1,600,000

An In-Depth Look at Tempe Land

The residential land market in Tempe, as of April 15, 2025, showcases key shifts in various metrics that provide insights into current market conditions.

The number of active listings has decreased from 13 three months ago to 11 recently, revealing possible tightening in the supply, despite the relatively stable pricing observed in sold properties.
Currently, the average sold price stands at $417,500, which aligns closely with the average price per square foot of $49. This indicates that buyer demand remains consistent, allowing sellers to maintain their pricing without drastic reductions.
The days on market (DOM) currently average 134, a considerable decrease from 155 days three months ago. This change reflects a quicker sales process and might be indicative of increased buyer interest or competition in the market. Notably, the DOM suggests that properties are not lingering as long in a stable sold price environment.
Moreover, the months of inventory, measured at 7.3, have also presented a slight decline compared to 8.7 months three months prior. This statistic underscores a market shifting towards shorter sales cycles, which can favor sellers who are well-positioned to meet market demands.

In terms of historical context, comparing these figures to six months ago reveals even more about market evolution. Back then, the inventory was significantly lower at just 8 active listings, but those listings faced longer DOM at 239 days, highlighting the notable transition in buyer behavior since then. Thus, while supply decreases may suggest a tightening market, the stable sold prices coupled with a quicker sales pace reveal a complex dynamic that buyers and sellers alike should navigate with strategic foresight.

Whenever dealing with land transactions in areas like Tempe, understanding these metrics empowers stakeholders to make informed decisions, positioning themselves advantageously in the market landscape. For potential buyers, identifying options within the current inventory while paying attention to pricing strategies will be crucial, especially as the competitive landscape evolves.

Multifamily

Current as of 4.15.2025	Listings	Avg Price	Price per Unit	Price per Sqft	Rent per Unit	Days on Market	Low Price	High Price	order_column
Active	13	1,373,999	325,933	414	2,120	226	650,000	4,690,000	1
Under Contract	3	526,667	263,333	336	538	22	395,000	620,000	2
Coming Soon	0	0	0	0	0	0	0	0	3

Sold as of 4.15.2025	Listings	Avg Price	YoY	Price per Unit	Price per Sqft	Price per Unit	Rent per Unit	Sold Price to Orig List Price	Days on Market	Low Price	High Price
Last 3 mos	7	645,083	0.0	268,757	331	1,352	96	94	77	470,000	875,000
Last 6 mos	10	603,850	0.0	248,929	324	1,362	97	96	62	375,001	875,000
Last 12 mos	19	662,383	0.0	272,100	372	1,305	94	92	78	235,000	1,000,000
2025	7	652,071	-7.9	269,518	328	1,321	96	94	69	470,000	875,000
2024	16	837,844	6.3	292,581	348	1,245	92	90	92	235,000	1,810,000
2023	14	885,929	-4.4	275,226	358	1,335	97	90	91	440,000	2,400,000
2022	23	1,646,174	26.2	287,944	371	1,132	98	97	39	459,900	9,000,000
2021	30	1,279,879	12.8	228,180	298	1,074	99	103	138	354,000	7,850,000

An In-Depth Look at Tempe Multifamily Dwellings

The multifamily market in Tempe, as of April 15, 2025, reveals several noteworthy metrics that paint a nuanced picture of current market dynamics. Over the past month, the active listings rose to 17, which is a substantial increase compared to 10 listings in December 2024. This growth in inventory translates to a months-of-inventory figure of 6.4, a clear rise from 10.0 months three months ago, suggesting that the market is maintaining a healthy balance. Such stable inventory levels are indicative of a market that is neither too tight for buyers nor overly saturated for sellers — an important aspect for potential investors and homebuyers.

Interestingly, the sold price for properties in Tempe has slightly adjusted, with an average at $595,667. This reflects a minor decline from $597,667 just three months ago and showcases the natural fluctuations in buyer sentiment and demand. Additionally, the average price per square foot for sold properties has remained relatively stable, currently at $347, though it has moved down from $382 nine months ago, offering insights into price competitiveness within the market.

The days on market (DOM) for the latest listings has averaged 226 days, a notable increase that could signal either a slower pace in buyer activity or allow sellers the necessary time to adjust their pricing strategies. The juxtaposition of a longer DOM alongside competitive average prices suggests that while supply is available, buyers may be exercising caution, opting for negotiation leverage on price, as evidenced by a sold price-to-original list price percentage of 98% in the past month.

As buyers evaluate their options, understanding these shifts will be crucial in making informed decisions about potential investments or home purchases in the Tempe multifamily market.