It's difficult to gauge what you mean by small. So, putting words in your mouth, I chose 1000-1500 square feet. At that size, back in June and July, there were 129 properties that sold in Tempe. Those 129 homes averaged $185.50/sq foot.
In October and November, there were 58 sales. Those 58 homes had an average selling price of $189.65/sq foot.
My conclusion, small Tempe homes are holding their value fairly well. This is what I would expect, becuase there is very little competition from new construction (other than expensive high rise condos), and while there is a high percentage of investor owned property in Tempe, this has long been the case, so that has been priced into home values for years.... more