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
the Median sales price in Tempe decreased from $270,000 to $251,250 in November. So, yes, Tempe has also been affected by our market decline. However, the median price increased for Townhouse/Condo properties from $180,000 to $215,000. Check out my Market Update page on my website for further details!