June 2026
Tempe’s real estate market gained momentum in June as home prices returned to year-over-year growth and homes sold significantly faster than they did last year. The rental market remained active despite a slight increase in inventory, with well-maintained properties continuing to attract tenants quickly. Overall, Tempe remains one of the strongest and most desirable markets in the Phoenix Metro area.
Sales Market Highlights
- Active Listings: 437 (5.3% increase YoY)
- Median Sold Price: $294.12 per SF (1.0% increase YoY)
- Average Days on Market: 44 days (22.8% decrease YoY)
- 30-Year Mortgage Rate: 6.49%
Inventory increased modestly compared to last year, providing buyers with additional options. Despite the increase in available homes, property values continued to appreciate, and homes sold nearly three weeks faster than they did a year ago. These trends point to continued buyer demand for well-priced homes in one of the Valley’s most sought-after communities.
Rental Market Highlights
- Active Rental Listings: 281 (3.3% increase YoY)
- Median Rent: $1.56 per SF (4.6% decrease YoY)
- Median Days on Market: 31 days (8.8% decrease YoY)
Tempe’s rental market remains highly active. Rental inventory increased slightly from last year, but homes are leasing more quickly than they did in June 2025. While rental rates have softened compared to last year, continued demand from students, young professionals, and Arizona State University employees continues to support a healthy rental market.
Key Takeaways
- 📈 Home inventory increased 5.3% compared to last year, providing buyers with more options.
- 🏡 Median sold price increased 1.0%, signaling renewed home value appreciation.
- ⚡ Homes sold in an average of 44 days, 22.8% faster than last year.
- 💰 Mortgage rates remained relatively stable at 6.49%.
- 🏘️ Rental inventory increased 3.3%, keeping the market well supplied.
- 💵 Median rent measured $1.56 per square foot, down 4.6% year over year.
- 🔑 Rental homes leased in just 31 days, an 8.8% improvement from last year.
Overall Outlook
Tempe continues to be one of the Valley’s most resilient real estate markets. Strong employment, proximity to Arizona State University, and a desirable urban lifestyle continue to drive demand from both buyers and renters. Home values have returned to year-over-year growth while homes are selling much faster than last year, demonstrating continued market strength. For rental property owners, demand remains healthy despite modest rent adjustments, making Tempe an attractive market for long-term real estate investment heading into the second half of 2026.
If you are a property owner in need of Tempe property management, give us a call.
May 2026
Sales Market
Active Listings: 408 (-0.7% YoY)
→ Inventory is nearly identical to last year, providing buyers with a balanced selection of homes without creating excess supply.
Median Sold $/SF: $288.17 (-4.6% YoY)
→ Home prices remain below last year’s levels, reflecting continued affordability pressure and selective buyer behavior.
Average Days on Market: 46 (-6.1% YoY)
→ Homes are selling faster than they were a year ago, signaling improving buyer demand despite higher mortgage rates.
30-Year Mortgage Rate: 6.52%
→ Mortgage rates increased from April, continuing to challenge affordability for many buyers.
Rental Market
Active Listings: 251 (-6.3% YoY)
→ Rental inventory continues to tighten, giving renters fewer choices than they had a year ago.
Median Rented $/SF: $1.60 (-3.3% YoY)
→ Rent prices remain modestly below last year, although Tempe continues to command some of the highest rental rates in the Phoenix metro.
Median Days on Market: 40 (+17.6% YoY)
→ Rentals are taking longer to lease than last year, suggesting renters remain price-conscious despite tighter inventory.
Key Takeaways
- Sales inventory remains balanced with supply nearly matching last year’s levels.
- Home prices continue to soften modestly year-over-year.
- Faster selling times point to improving buyer demand.
- Rental inventory continues to tighten across Tempe.
- Rent prices remain strong but slightly below last year’s peak.
- Higher mortgage rates continue to be the primary affordability challenge.
Overall
Tempe continues to stand out as one of the Phoenix area’s strongest housing markets. While home prices remain modestly below last year, buyer activity has strengthened, with homes selling more quickly than they did a year ago despite higher mortgage rates. On the rental side, inventory continues to tighten while rents remain among the highest in the Valley. Although leasing has slowed slightly, demand remains healthy overall. Tempe’s combination of limited inventory, strong employment, and proximity to Arizona State University continues to support one of the metro’s most resilient real estate markets.
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.