Chandler AZ Real Estate Housing Market Report - April 2023
The average sales price of Chandler homes increased in April, after decreasing in March, going from $599,307 in March to $625,978 this month. Prices have fluctuated up and down every month since November of 2022, with a slight increasing trend.
After remaining the same in February and March, the average sales price per square foot of Chandler homes increased in April. The average sales price increased from $278/sf in March to $283/sf in April. This price is lower than the price per square foot of Chandler homes in April of 2022, by $26/sf.
The days on market has decreased for the second month in a row, going from 76 DOM in February to 63 DOM for April. Homes in Chandler are still selling, but they have certainly slowed down over the last 11 months.
This is the time of season where the housing market starts to pick up throughout the spring.
After remaining the same in February and March, the average sales price per square foot of Chandler homes increased in April. The average sales price increased from $278/sf in March to $283/sf in April. This price is lower than the price per square foot of Chandler homes in April of 2022, by $26/sf.
The days on market has decreased for the second month in a row, going from 76 DOM in February to 63 DOM for April. Homes in Chandler are still selling, but they have certainly slowed down over the last 11 months.
This is the time of season where the housing market starts to pick up throughout the spring.
After increasing the last 2 months, Chandler home sales decreased in April, going from 239 in March to 204 this month. The number of Chandler home sales is still lower than in April of last year by -34.6%. It is not typical for home sales to decrease this time of year, and they are the lowest home sales have been in April since before 2018.
The number of new listings in Chandler increased for the second straight month, going from 195 in February to 232 this month. With this increase, new listings are still down -41.3% from April of last year. This is the lowest number of new listings in April since before 2018.
After increasing for eight straight months, more than doubling from 313 in January to 773 in September of 2022, active listings in Chandler have now decreased 7 months in a row and are down to 354 for April. With this decrease, active listings are now lower than the same month last year for the first time in 13 months. With this latest decrease, active listings in Chandler are less than last year's April listings by -3.3%.
The decline in the number of listings in Chandler over the last 7 months is another sign that the housing market is slowing. Fewer homeowners are putting their homes on the market partially because they are locked in at an interest rate lower than 3.5% and don't want to have to buy a home when interest rates are now around 6.5%.
Home prices have been holding steady the last 7 months, and inflation and higher mortgage rates have slowed buyer demand. Median home values in Chandler have decreased an average of -6.6% since April of 2022. This is the 4th year-over-year decrease in a row after seeing nothing but increasing home prices from January 2019 through December 2022.
Mortgage interest rates have been holding steady the last few weeks right around 6.35%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Chandler that should remain that way as we enjoy the spring.
The number of new listings in Chandler increased for the second straight month, going from 195 in February to 232 this month. With this increase, new listings are still down -41.3% from April of last year. This is the lowest number of new listings in April since before 2018.
After increasing for eight straight months, more than doubling from 313 in January to 773 in September of 2022, active listings in Chandler have now decreased 7 months in a row and are down to 354 for April. With this decrease, active listings are now lower than the same month last year for the first time in 13 months. With this latest decrease, active listings in Chandler are less than last year's April listings by -3.3%.
The decline in the number of listings in Chandler over the last 7 months is another sign that the housing market is slowing. Fewer homeowners are putting their homes on the market partially because they are locked in at an interest rate lower than 3.5% and don't want to have to buy a home when interest rates are now around 6.5%.
Home prices have been holding steady the last 7 months, and inflation and higher mortgage rates have slowed buyer demand. Median home values in Chandler have decreased an average of -6.6% since April of 2022. This is the 4th year-over-year decrease in a row after seeing nothing but increasing home prices from January 2019 through December 2022.
Mortgage interest rates have been holding steady the last few weeks right around 6.35%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Chandler that should remain that way as we enjoy the spring.
For more detailed stats on the Chandler Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
For more detailed stats on the Chandler Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
If you’re considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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