Tempe Real Estate Market Overview
Average Monthly Rent:
$1,419
Percentage Change in Home Price/Value:
8.5%
Median Home Value:
$319,975
Best Time To Sell Home:
November
Affordability Index:
Fair
Days To Sell House:
45
Job Market:
Strong
Public School Ranking:
37
Selling a home in Tempe, AZ
The median home value in Tempe is $319,975, but that number is predicted to fall within the next year. The smartest time to sell a home in Tempe is during the months of November or July. In November, home sales are 3.66% higher than the yearly average. During July, home sales are 7 days faster than the average 3 months it typically takes to sell a home. While there are many different ways to sell your home, iBuying is one of the few methods that can guarantee a quick sale. Within just 24 hours, you could receive an all-cash offer from an iBuyer in your residential area. If you agree to their offer, they’ll handle repairs, cosmetic updates, showings and staging, before putting it back on the market. They take care of the selling process for you, so you can begin finding a new place to call home.
Location & Weather
The city of Tempe is located in Maricopa County. It sits beside the Salt River, and is a southern suburb of Phoenix. It is also bordered by Phoenix, Guadalupe, Scottsdale, Chandler, and Mesa. This city is home to U.S. Airways Group’s corporate headquarters, as well as Arizona State University. While this city does have a college town atmosphere, it’s also filled with a variety of recreational opportunities, a low unemployment rate, and a diverse community. This makes Tempe the perfect place for both younger and older adults. One of the main attractions in Tempe is the Mill Avenue District, as it’s the shopping and dining hub of the city. Tempe even hosts many art-related and cultural events throughout the year, such as drink tasting tours, comedy shows, live music, story-telling for kids, and even pet-friendly functions.
Tempe has dry, hot summers and cool, clear winters. Summers temperatures reach to highs in the 100’s and have lows in the 70’s. Winter temperatures have highs in the 60’s and lows in the 40’s.
Population, Job Market & Cost of Living
The population in this city is 194,218, and has an annual growing rate of .48%. The job growth here has increased by 3.3% over the last year and in ten years, is predicted to have increased by 49.9%. Major industries in Tempe include education, business services, utility, food distribution and financial services. Some of the largest companies to work for are Circle K, Arizona State University, Benchmark Electronics, Insight Enterprises, and Salt River Project. In regards to the cost of living, it’s higher than the national average. It’s also higher than Arizona’s overall average, which makes it a more expensive place to live.
With top notch education and promising job opportunity, Tempe continues to attract those in search of a place to raise a family, earn higher education, or have a successful career. With it’s up-beat downtown and tight-knit community, it will remain one of the most desirable places to live in the state of Arizona.
