🏡 Sales Market
Active Listings: 364 (-2.7% YoY)
→ Inventory pulled back slightly after several months of growth, signaling a modest tightening in supply
Median Sold $/SF: $296.62 (-1.9% YoY)
→ Prices remain relatively stable but are still trending below last year
Average Days on Market: 50 (+25% YoY)
→ Homes are taking significantly longer to sell compared to last year, indicating a slower-paced market
30-Year Mortgage Rate: 6.44%
→ Rates increased this month, which may continue to impact affordability and buyer demand
🏘️ Rental Market
Active Listings: 257 (-6.2% YoY)
→ Rental inventory has declined from recent highs, though still elevated compared to earlier months
Median Rented $/SF: $1.61 (+1.6% YoY)
→ Rents increased year-over-year, marking a rebound after several months of softness
Median Days on Market: 41 (+18.6% YoY)
→ Rentals are taking longer to lease, suggesting more cautious renter behavior
📉 Key Takeaways
- Sales inventory has slightly tightened after earlier increases
- Home prices remain relatively stable but still below last year
- Homes are taking longer to sell, pointing to softer buyer demand
- Rental supply has pulled back, helping push rents higher
- Leasing timelines are extending, indicating more selective renters
- Rising mortgage rates could continue to pressure both buyers and renters
👉 Overall:
Tempe’s market is showing mixed signals. The sales market is stabilizing in terms of inventory and pricing but is experiencing longer selling timelines. Meanwhile, the rental market is tightening slightly with rising rents, though leasing is taking longer. As mortgage rates climb, affordability will remain a key factor influencing market activity through the spring season.