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Tempe real estate market overview
- Average Monthly Rent: $1,925
- Home Price/Value Percentage Change: 0.10%
- Median Home Value: $447,559
- Best Time To Sell a Home: April
- Affordability Index: Moderate
- Days To Sell a House: 55
- Job Market: Fair
- Public School Ranking: 48
Location and weather
Tempe is located in south-central Arizona, along the Salt River and southern suburb of Phoenix. It is home to Arizona State University, the spring training camps of the Arizona Cardinals, and the Los Angeles Angels of Anaheim baseball team. Similar to most cities in Arizona, there is tons of desert space filled with hiking and biking trails, incredible views, and a variety of local events. The downtown area of Tempe, known as Mill Avenue, is buzzing with people enjoying the shops, restaurants, bars, and clubs this city has to offer.
The weather in Tempe consists of hot summers and dry winters, with mostly sunny skies year-round. Temperatures rarely get lower than in the 30s and higher than the 100s.
Population, job market and cost of living
Tempe has a population of 186,248, with a growth rate of 1.02% annually.
The job market has decreased by -1.97% over the last year. In ten years, job growth is predicted to be 49.86%. Tempe's job market is mainly made up of business services, advanced manufacturing, healthcare and biotechnology, and tourism. Some of the largest companies here are Circle K, Amkor Technology Inc, Benchmark electronics, America West Holdings and Insight Enterprises.
Cost of living in Tempe is slightly higher than the Arizona average cost of living, which means it is a more expensive city to live in.
Tempe real estate market details
- Tally Ho Farms
- Optimist Park NE
- Alta Mira
- Sunburst Farms
- Cyprus Southwest
The average monthly rent in Tempe is $1,925 for an average apartment size of 878 sq. feet.
There has been a 0.1% increase in median home value over the last year. As of 2023, the median home value is $447,559.
On average, homes in Tempe sell after 55 days on the market.
Sales in the month of April will provide homeowners with the most profit, while sales in July will provide homeowners with the fastest sale.
The affordability index in Tempe is 113. This number indicates low affordability in this city.
The top ranked public schools are Ward Traditional Academy, Tempe Preparatory Academy, Corona Del Sol High School, Rover Elementary School and Mcclintock High School. This information is founded by general educator statistics, school attendance, and the US Department of Education.