Chandler Real Estate Market: Overview & Trends, Mar 2024

During the quieter month of March 2023, average property values in Chandler, Arizona, hovered at around $550,000. However, as the year progressed, we saw a significant surge peaking in November 2023 at $665,700. Yet, markets are seldom linear, and this climb was briefly interrupted in December 2023 when average values retracted to $600,000. This dip proved temporary as early 2024 ushered in a climb towards $612,500 in January, followed by a slight correction to $595,000 in February.

A parallel trend is observed in the pricing per square foot, with October 2023 standing out at an average of $285/sq ft. This metric also experienced a mild winter-season adjustment, before climbing back up to $280/sq ft in February 2024.

Comparative Real Estate Trends in Nearby Cities

Adjacent cities to Chandler offer their own narrative of real estate trends:

• Gilbert, saw a robust, steadily climbing market, with average property values escalating from $639,000 to $657,250 between March 2023 and February 2024.
• Mesa, presents a more dramatic storyline, with a significant dip to $350,000 in October 2023, prior to a remarkable recovery that saw average values at $422,450 by February 2024.
• Queen Creek bucked these positive trends, however, with a downtrend from a July 2023 high of $735,000 to $598,500 as of February 2024. Tempe and Laveen, much like Gilbert, enjoyed general upward mobility in their property values over the same period.

Submarket Snapshots within Chandler

Drilling down into Chandler’s real estate tapestry, the zip code 85249 features prominently with the highest average list price at $702,500 and an average sale price of $527,500. Interestingly, the zip code 85286 reported the highest average value at $875,542, while its list price remains modest in comparison, hinting at potential market undervaluation or high buyer competition driving sales beyond list prices. At the more economical end of the spectrum, zip code 85225 is deemed the most accessible with an average list price of $379,900 and average value of $317,509. This suggests a marked availability of more affordably-priced homes within the Chandler market.

Market Pulse: Foreclosures and Auctions

Currently, there are 45 foreclosure properties with an average value of $465,266. This metric positions foreclosures as a less costly alternative to the general market, potentially offering fertile ground for bargains or investment opportunities. Interestingly, auction properties match the foreclosure figures in both count and average price, proposing a possibility that these metrics may overlap, representing the same set of real estate assets.

General Market Health

Looking at sold properties, which averaged at a value of $504,090, this figure falls short when set against the current active market average. This discrepancy could suggest a trending upward pressure on prices; average sale price trails the list price within the active market, alluding to a climate where properties are likely to be snapped up at or even above their advertised rates.

Chandler real estate market offers opportunities at every level, from premium to affordable housing, with certain zip codes marking themselves as hot-spots for either end of the spectrum. The parallel existence of foreclosures and auction properties at below-average market values presents openings for savvy investors or those seeking more budget-friendly options. Overall, regardless of volatility and shifts, Chandler’s real estate market exhibits vibrancy and the potential for growth, indicative of a mature albeit dynamic residential landscape.