Tempe Real Estate Values Soar to $597k – May 2024

Real estate in Tempe, AZ sees significant growth in property values but dip in sales price. Despite general rise in values, complex market conditions require careful analysis for potential investors and homebuyers.

authorWritten by Manuel MartinezJun 4, 2024

Tempe, Arizona is experiencing a significant upswing in average property values. From December 2023 to May 2024, there has been a noticeable rise in average property values, from $440,000 to $597,000. Despite this increase in property values, the average sale price shows a slight decline, indicating a complex market condition that might affect investment and buying decisions. The average sold price per square foot remains stable, fluctuating slightly between $294 and $308 during the observed period. Additionally, the number of properties sold shows a mild downward trend, dropping from 1,377 to 1,351.

Detailed Comparative Analysis of Tempe’s Real Estate Values

Median Listing Price $483.4K
Median Sold Price $483.4K
Homes For Sale 3
Homes Sold 1,300

Next, we’ll look at comparative data from neighboring cities:

  • Mesa, is witnessing a consistent rise in average property values, moving from $414,000 in April 2024 to $433,500 in May 2024.
  • Chandler and Gilbert show a decreasing trend in average values, with Chandler’s values decreasing from $665,700 in November 2023 to $499,998 in May 2024, and Gilbert’s from $669,900 to $598,500 for the same period.
  • Phoenix, however, shows a slight increase in its May 2024 value, marked at $493,500 up from $500,000 in April 2024.

Snapshot of May 2024 Market Values and Trends in Nearby Cities

Analyzing performance in May 2024, Tempe shows an average property value of $597,000 at $314 per square foot and reports 3 properties and 1,351 properties sold.

In contrast, the high-end market in Paradise Valley displays an average value of $5,049,500 at $814 per square square foot with 10 properties and a sale price averaging $3,021,146 for 377 properties sold.

Mesa shows considerable market activity with 42 properties and an impressive 6,262 properties sold at an average value of $433,500.

Chandler and Gilbert also have robust market activity, with average values at $499,998 and $598,500 respectively, indicating healthier transaction volumes. Phoenix leads in the number of properties, showcasing 106 properties in May 2024 with an average value of $493,500 and a significant 13,016 properties sold.

The comparative analysis indicates that while Tempe’s market shows promising growth in property values, its sales price dynamics and transaction volumes reflect unique market trends different from its neighbors. Markets like Mesa and Phoenix show stable growth, contrasting with the high volatility observed in Chandler and Gilbert’s values. This overview suggests that while Tempe is attractive for its rising property values, careful consideration of sales price trends and transaction volumes is crucial for potential investors and homebuyers in making informed decisions.

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