Chandler AZ Real Estate Housing Market Report - July 2021
Days on market increased to 23 DOM in July after reaching an all-time low of 20 last month. It was inevitable that the DOM would increase, as it could not continue to go much lower than 20. This still means that homes in Chandler are selling faster than they ever have, and most home sellers are receiving multiple offers, driving prices up.
The number of new listings are up 2.4% from July of last year, even though many people continue to stay put, and there have not been enough new homes built to keep up with demand. At 620, the number of active listings is only down -6.7% from July of last year. This is much closer to 2020 numbers than having been down close to -20.0% throughout the first part of this year.
The lack of listings continues to drive demand, and home prices higher. Median home values in Chandler have increased an average of 26.3% since July of 2020, which is almost unbelievable. I wonder how much longer home values can continue to increase like this. With mortgage interest rates remaining around 3.0%, there are still more buyers looking to purchase in 2021 than there are homes for sale.
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 thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.