Chandler AZ Real Estate Housing Market Report - November 2021
The days on market remained the same for November as October, at 27 DOM. This is an increase from the record low of 20 DOM set in August this year. This is the highest the Chandler DOM has been since January of this year. It is amazing that the DOM has continued to remain so low, 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 has dropped for the fourth straight month, down to 269, and are down -12.9% from November of last year, as many people continue to stay in their homes longer, and there have not been enough new homes built to keep up with demand.
At 414, the number of active listings decreased after increased for five straight months. The number of active listings were getting closer to what we saw in 2020, but now with with this decrease, new listings are still fewer than last years numbers, down 14.6% from last November.
The lack of listings continues to drive demand, and home prices higher. Median home values in Chandler have increased an average of 25.7% since November of 2020, which is almost unbelievable. I wonder how much longer home values can continue to increase like this. Mortgage interest rates have started to increase above 3.0%, but there are still more buyers looking to purchase Chandler homes 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.