Chandler Housing Market 2022: Prices, Trends & Forecast
Mass migration from popular California housing markets like Los Angeles led to a boom in the CHandler housing market. At one point, houses were barely on the market for ten days before they were eagerly swept up by families wanting to move to the desirable area. Now, prices continue to rise, but there are some good signs for buyers. This article will tell you everything you need to know about Chandler housing market prices, trends, and a forecast.
Chandler Housing Market Prices
According to Redfin, demand in the Chandler area is slowing down quite a bit, but prices are still slowly increasing.
The median price for all housing categories was an estimated $502,000. That’s an increase of 7.3% year over year.
Single-family homes have seen an increase in the price of 7.8% year over year for a median price of $540,000.
Townhouses saw an increase in the price of 16% year over year, for a median price of $377,000.
Condos and co-ops also increased in price. The median price for this housing category is $384,878. That’s an increase of 16% year over year.
However, many homes are not selling for market price. Over half of the homes in the area are not selling for list price. Despite the rising housing prices, sellers are trying to offload houses quicker, resulting in price drops. Want to sell your home for cash now? We buy houses in the Chandler area as-is.
Chandler Housing Market Trends
According to one news source, the Chandler housing market has seen a drastic increase in supply year over year. Some areas in the Chandler housing market boast a 3.5-month supply, while others have at least one month.
Home sales in all categories were down year over year. Only 282 homes were sold in August, which is a decrease of almost 33%.
All homes spend approximately 40 days on the market, up 19 days from last year.
Single-family homes, once the most popular on the market, saw sales decrease by 38.8% yearly. Approximately 219 of the homes sold were single-family homes. These houses are spending a median number of 40 days on the market, an increase of 19 days.
Townhouses saw an increase in sales of almost 28% year over year. Of all the homes sold in August, 37 of them were townhouses. Townhouses spend a median number of 36 days on the market, which is only a 16-day increase year over year.
Condos and co-ops saw a decrease in sales of 22.6% year over year. Only 24 of the homes sold fell into this category. Condos and co-ops spend an average of 36 days on the market, an increase of 12 days.
The housing market is only somewhat competitive. As the home supply increases and demand falls, many homeowners are selling houses cheaper despite the increase in housing prices. On average, only 17% of homes sold for above list price, a decrease in the number of homes selling above list price year over year. Almost 60% of the homes sold in Chandler, Arizona, housing market had price drops.
Chandler Housing Market Forecast
The CHandler housing market looks great for buyers and not so great for investors that wanted to capitalize on the hot housing market. As time goes on, this overheated housing market will seriously cool off.
Prices will continue to increase, but this will be much slower than in previous years. Houses will appreciate at a slower pace as well. Many, such as Wrangler News, say that the market is still undervalued, but that works out wonderfully for buyers.
The housing supply indicates that the market is balancing out. With a supply of over three months, buyers are starting to hold more cards at the table. A healthy housing market needs a six month supply of houses available.
The Chandler housing market is not there yet, but it is slowly getting there, thanks to a drastic decrease in demand.
The next year will see prices increase slowly as the housing supply in the area continues to increase.
Sellers are already lowering prices in the area to sell their houses. This trend will continue as it becomes a more balanced market. Instead of lowering your price, give us a call. We buy houses in Chandler, Arizona at a fair price.
Buyers should capitalize on this now to get houses at a discount. However, if they wait, they might be able to get a better deal in the area.
Sellers are putting more homes on the market to get rid of them while they can still get top dollar for their houses. This is another trend that will continue.
Investors will continue to stop investing massive amounts of cash in the area as the housing market goes through this. The combination of low sales and high prices isn’t appealing to most investors, and that will not change.
The Chandler housing market is no longer experiencing the boom that it once had. It’s showing signs of cooling off, and those signs will continue. The same housing trends will be seen in the next year.
That means that now is an excellent time to sell. Homeowners that want to get top dollar out of their investment need to start putting their houses on the market now.
Buyers can start making lower offers than the list price, and they stand a chance of winning at the negotiation table.