Chandler AZ Real Estate Housing Market Report - June 2022
After increasing or remaining the same for 24 consecutive months, the average sales price per square foot of Chandler homes suffered the first decrease in June. The average sales price dropped from $315/sf in May to $311/sf in June. This is still a $55/sf increase from the $256/sf in June of 2021.
The days on market for June increased from 20 DOM in May to 25 DOM. This is the first increase since January of this year. The DOM has remained at or below 31 since February of 2021, which means that homes in Chandler are selling faster than they ever have, although there seems to be a shift happening in the housing market.
After increasing for five straight months, the number of new listings in Chandler saw a decrease, going from 435 in May to 419 for June. Even with this decrease new listings are up 7.7% from June of last year. This is the second consecutive time the monthly year-over-year change has been positive. Prior to that, the last time the year-over-year change was positive was back in July of 2021. There is still a lack of homes for sale compared to the demand because people are staying in their homes longer, and there have not been enough new homes built to satisfy the number of buyers.
After decreasing for three straight months, the number of active Chandler listings have now increased for the fifth straight month, going from 313 in January to 560 in June. This is the third month in a row that active listings have been higher than last year. Active listings in Chandler are now greater than last year's June listings by 47.4%. The last three months have seen a rise in the number of listings in Chandler, which is also a sign that the housing market may be slowing down, but they are still way below pre-pandemic numbers.
There is still a lack of listings in Chandler, and the low inventory continues to drive housing demand and home prices higher. Median home values in Chandler have increased an average of 17.0% since June of 2021, which is starting to decline. Mortgage interest rates have increased to almost 6.0%, and the war between Russia and the Ukraine has caused inflation to really jump in the U.S., but it looks like there will still more buyers looking to purchase Chandler homes throughout the summer of 2022.
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.