Chandler AZ Real Estate Housing Market Report - October 2021
After decreasing to an all-time low of 20 DOM in August, the days on market has increased for the second straight month, and is back up to 27 for October. This is the highest the Chandler DOM has been since January of 2021. 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 third straight month, down to 384, and are down -12.7% from October of last year, as many people continue to stay put, and there have not been enough new homes built to keep up with demand. At 465, the number of active listings has increased for the fifth straight month, but is still down -10.9% from October of last year. This is much closer to what we saw in 2020 compared to earlier in the year when the number of new listings were down close to -20.0%.
The lack of listings continues to drive demand, and home prices higher. Median home values in Chandler have increased an average of 24.5% since October 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 are still hovering around 3.2%, and 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.