Chandler Real Estate Market: Trends and Predictions for 2023

Introduction: Chandler, Arizona, has witnessed a dynamic housing market in recent years, with robust demand and limited supply driving up prices. However, the market dynamics are shifting, and as we progress through 2023, it’s essential to understand the current trends and make predictions for the future. In this blog, we’ll analyze the latest data and forecasts to provide insights into the Chandler real estate market.

Current Market Trends: As of June 2023, the Chandler housing market is experiencing some notable changes. According to Redfin, the median sale price of homes in Chandler was $510,000 last month, indicating a 9.73% decrease compared to the previous year. Additionally, the median sale price per square foot stands at $286, reflecting an 8.2% decrease from the previous year. These declining prices offer both buyers and sellers unique opportunities in the market [2].

Competitiveness and Days on Market: The Chandler housing market can be described as somewhat competitive. On average, homes in Chandler receive two offers and sell within 35 days. While this indicates a moderately competitive market, it is important to note that the average time it takes for homes to sell has increased from 18 days compared to the previous year. This trend suggests a market that is gradually finding a balance between supply and demand [2].

Comparison with Nearby Cities: To gain a better understanding of the Chandler housing market, it’s helpful to compare it with nearby cities. Chandler stands out as somewhat competitive when compared to other locations. The average homes in Chandler sell for about 1% below the list price and go pending in around 40 days. In contrast, nearby cities exhibit varying levels of competitiveness, with some experiencing multiple offers and shorter time on the market [2].

Migration and Relocation Trends: Chandler has been an attractive destination for homebuyers from outside metros. Seattle, Los Angeles, and Tucson are among the top three metropolitan areas of origin for those interested in moving to Chandler. Additionally, 75% of homebuyers in Chandler prefer to stay within the Chandler metropolitan area. This indicates a strong appeal of the city for current residents and newcomers alike. Notably, Chandler’s population has increased by nearly 20% in the past decade, a testament to its allure and growing economic opportunities [2].

Forecast for 2023: As we look ahead to the remainder of 2023, several factors are likely to shape the Chandler housing market. It’s important to note that the expectation of further price declines in the year is unfounded based on the current supply levels. Those with ample equity in their homes may take advantage of the market’s stability to upgrade their properties. The market is expected to maintain a more normal seller’s market status, promoting healthy negotiations for transactions without multiple offers. Increased prices, low inventory, and growth in the job market may encourage further development of single and multi-family housing projects in the city. However, challenges related to apartments, affordable housing, and water resources could also influence the market’s dynamics [3].

Conclusion: The Chandler real estate market is undergoing significant changes in 2023. With declining prices and moderately competitive conditions, buyers and sellers have distinct opportunities to navigate the market. As the city continues to attract residents from outside metros and experiences economic growth, it is likely to remain an appealing destination for homebuyers. Considering the forecasted trends and changes, it is essential for all stakeholders to stay informed and adapt to the evolving real estate landscape in Chandler. Always seek the guidance of experienced real estate professionals to make well-informed decisions in this dynamic market.