April 2026
Sales Market
Active Listings: 373 (-9.5% YoY)
→ Inventory has tightened meaningfully compared to last year, giving buyers fewer options in one of the Valley’s more supply-constrained submarkets.
Median Sold $/SF: $288.28 (-3.9% YoY)
→ Home prices remain below last year, suggesting buyers are still showing some resistance at current price points despite tighter supply.
Average Days on Market: 56 (+33.3% YoY)
→ Homes are taking substantially longer to sell, indicating a much more cautious buyer pool than Tempe typically experiences.
30-Year Mortgage Rate: 6.35%
→ Mortgage rates improved from March, providing a modest affordability boost, though higher price points in Tempe continue to create pressure.
Rental Market
Active Listings: 249 (-3.9% YoY)
→ Rental inventory remains slightly below last year, keeping supply relatively balanced for renters.
Median Rented $/SF: $1.62 (-3.0% YoY)
→ Rental pricing remains below last year, though Tempe still commands some of the strongest rent-per-square-foot numbers in the Valley.
Median Days on Market: 39 (+6.8% YoY)
→ Rentals are taking slightly longer to lease than last year, suggesting renter demand has softened somewhat.
Key Takeaways
- Sales inventory continues to tighten, reducing available supply
- Home prices remain under moderate pressure despite lower inventory
- Significantly longer selling times suggest cautious buyer behavior
- Rental inventory remains relatively balanced with no major supply imbalance
- Rental pricing remains slightly soft, though still strong by metro standards
- Lower mortgage rates may help buyer activity, but affordability remains a challenge in Tempe
Overall
Tempe’s April market reflects a tighter but more cautious environment. On the sales side, inventory has contracted significantly, but longer selling timelines and softer pricing suggest buyers remain selective—likely due to Tempe’s higher price points and affordability pressures. The rental market remains comparatively healthy, with balanced inventory and strong rent levels, though softer pricing and slightly slower leasing suggest demand has cooled somewhat from peak conditions. Overall, Tempe remains one of the stronger Valley submarkets, but even here, affordability is shaping market behavior.