Chandler AZ Real Estate Housing Market Report - March 2022
The average sales price per square foot has increased or remained the same for 22 consecutive months and is now at $306/sf in March of 2022. This is the first time the average sales price of Chandler homes has gone over $300/sf, and it is a $72/sf increase from the $234/sf in March of 2021.
The days on market for March of 2022 remained at 26, the same as it was in February. This is the lowest it has been since September of 2021. 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, and most home sellers are receiving multiple offers which continues to drive prices up.
The number of new listings in Chandler saw an increase for the third straight month, going from 295 in February to 379 for March. This is a significant increase, but new listings are still down -6.2% from March of last year. The lack of homes for sale is still not keeping up with 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 ever-so-slightly for the second straight month, going from 313 in January to 320 in March of this year. This is the lowest number of active listings for March since before 2018. Active listings in Chandler are now less than last year's March listings by -8.0%.
The lack of listings in Chandler continues to drive demand, and home prices higher. Median home values in Chandler have increased an average of 28.2% since March of 2021, which is almost unbelievable. Mortgage interest rates have started to increase above 4.25%, 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 early part 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.