Tempe Real Estate Market Overview
Tempe Market Highlights
As of May 16, 2025, the real estate market in Tempe demonstrates notable dynamics impacting both buyers and sellers.
- Active listings have increased over the past month, expanding to 601, indicating heightened market activity.
- The average sold price has decreased, now sitting at $464,238, down from $519,945 three months ago.
- Days on market have also increased to 75 days, reflecting a slower sales pace.
- Overall, the market seems to be transitioning, with current conditions suggesting a shift towards more buyer-friendly opportunities.
Curious how the Tempe market has changed over time?
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The current real estate landscape in Tempe reveals intricate shifts that are key for buyers and sellers alike.
- Active Listings: The number of active listings has seen a significant rise over the past month, reaching 601, up from just 445 three months ago. This growth in inventory provides buyers with more options, countering the tight supply issues seen earlier in the year.
Months of Inventory: Currently, months of inventory stands at 4.9, suggesting a balance between supply and demand. It's indicative of a market that could favor buyers slightly, as more listings are available compared to historical trends.
Average Sold Prices: In terms of pricing dynamics, the average sold price of $464,238 marks a decline of approximately 11% from $519,945 three months ago. This downtrend signifies price adjustments as the market accommodates the increased inventory. Interestingly, sold properties had an average sold price to original list price ratio of 96%, reflecting a trend of buyers negotiating prices closer to the asking.
Days on Market (DOM): The increase in DOM to 75 days indicates a slower pace in sales. This change can correlate with the uptick in inventory levels; properties are remaining unsold for longer, suggesting buyers might be more selective due to the broader range of choices available.
Comparative Insights: When we look back further, it's insightful to notice that sold prices have fluctuated since May 2024 when the average was around $512,999. Today’s average shows that buyers might be capitalizing on better deals as they exercise more negotiating power.
In summary, the market in Tempe is currently undergoing changes with rising inventory and reducing sold prices. These trends are critical for both buyers looking to negotiate better terms and sellers needing strategies to stand out in a more competitive environment. Understanding these dynamics is essential for effective market navigation in the coming months.
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.
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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.
Brian Adamski, Realtor
100s of Happy Buyers and Sellers Served | Real Estate with Care and Clarity
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