The Median Price per Square Foot in Tempe was up 4% YoY last month ( $156.05/sqft compared with $150.90 in Aug ‘18), and up 29% over the last 3 years.
Generally speaking, the more modest the growth rate, the more sustainable it is over the long term. 4% in a year sounds like a good long-term rate. 29% in 3 years, however, sounds a little fast; it would have home prices doubling every 7 years or so, which doesn’t sound possible, does it?
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.