$270,817 is the house value median in Tempe, Arizona. The value of Tempe houses has increased 6.1 percent in the last year. It is predicted that in the next year house values will increase 3 percent.
$174 is the per square foot median list cost of homes in Tempe. The metro area of Phoenix has a lower average list cost which is $153 per square foot.
For Tempe, $289,800 is the median cost of houses presently listed. $278,400 is the median cost of houses that have sold.
Tempe has a rent cost median of $1,425. This is higher than the metro area of Phoenix's rent cost median of $1,400.
A factor that has impact on the value of houses over the next few years is foreclosures. Tempe has a very low foreclosure rate which is 0.2 homes for every 10,000 homes. The metro area of Phoenix has a higher foreclosure rate which is 0.5 homes foreclosed per 10,000. And nationally the foreclosure rate is even higher at 1.6 homes foreclosed per 10,000.
There is a first step that homeowners go through when they experience foreclosure on their home. And that is mortgage delinquency. Mortgage delinquency happens when the owner of a home misses making a mortgage payment.
Tempe has a low percentage of mortgage delinquencies. It's 0.7 percent. The national mortgage delinquency rate is higher at 1.6 percent.
One of the results of the 2008 recession was that home values went down more than 20 percent on a national level. Another result of the 2008 recession is that quite a few homeowners are currently experiencing being underwater having to do with their mortgages.
Being underwater is defined as when a homeowner owes more money on their home than the value of their home. Tempe has 10.8 percent of its house owners experiencing being underwater regarding their mortgages. The metro area of Phoenix has a slightly lower underwater percentage of 10.6.
$48,183 the median household income in Tempe, Arizona.
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