During 2011 The Tempe real estate market went through a change and a change for the better. Many homes sold below market at absolutely low prices were a scare to some neighbors as they were in shock at the price drop in the neighborhood. But what they were not aware about is these homes were purchased to fix up and revitalize the neighborhood. There are a few homes in my neighborhood Tempe Royal Palms that had gone into foreclosure but I was so happy as I have to admit did not like that they were bringing down my neighborhood. I expect these homes to come back on the market at a discount but will bring in a buyer who will come in and fix up the home and make the neighborhood look great.
Tempe Real Estate is a gold mine of location for any buyer and or investor. The location is driven by Arizona State University, has excellent school districts, and brings sort of an urban living on Mill Avenue that I love. Along with Mill Avenue Tempe has the Tempe marketplace an excellent place to shop, enjoy fun and great dining, and be seen. The location is a short drive to Scottsdale, Chandler, and Downtown Phoenix. Not to forget the light rail travels right through the heart of Tempe, through the University, stops by Mill Avenue and down to Downtown Phoenix.
The Rental market in Tempe also finished up strong some areas like Villagio at Tempe saw more than a 10% increase in rental price from the start of the year. Arizona State University will always bring in renters and families are always looking for rental near excellent school district.
When it’s all said and done the Tempe Real Estate market was like a roller coaster ride but the city has way too much to offer that I expect 2012 to bring in stability and even an increase in certain locations. Below is a breakdown of Average and Median home prices in Zip Codes per property type. Don’t let this scare you if you own a home and do not agree with the prices because this is the market as a whole and each individual property needs to be evaluated as one. If you are looking to SELL or BUY a home, condo, apartment, or any type of property in Tempe contact us first. We sell our properties for top dollar and have been since 2001.