How is The Chandler Real Estate Market 2019?
Buying real estate in Chandler can be a worthy investment opportunity. If you are looking at investing in the Chandler real estate market as a potential investment opportunity, you must read till the end. Chandler, Arizona is a suburb of Phoenix. It is often overshadowed by the largest city in the Valley of the Sun. However, the Chandler real estate market provides many of the advantages of Phoenix with few of the disadvantages.
Chandler is bordered by the cities Tempe, Mesa and Phoenix. The Gila River Indian Community lay on its southern border. Chandler is home to about a quarter million people. There are not really suburbs to Chandler, because it is a suburb of Phoenix surrounded by other cities of similar size. However, Chandler has a number of points in its favor that make it a better choice for investors than surrounding cities.
Annual real estate appreciation rates in Chandler have been quite strong for the past few years. In the last twelve months, the investors in Chandler have found good returns on their investments. Is Chandler going to be one of the hottest real estate markets for investors in 2019? To answer this question, let’s take a deep look at the latest Chandler housing market trends and find out the prospects of investing in the Chandler real estate in 2019.
Chandler Real Estate Market Forecasts 2019 & 2020
According to Zillow, the median home value in Chandler is $317,400. Chandler home values have gone up 5.8% over the past year and Zillow’s Chandler real estate market prediction is that the prices will rise 2.4% by June 2019. The median list price per square foot in Chandler is $175, which is higher than the Phoenix-Mesa-Scottsdale Metro average of $163.
The median price of homes currently listed in Chandler is $349,900 while the median price of homes that sold is $280,000. The median rent price in Chandler is $1,650, which is higher than the Phoenix-Mesa-Scottsdale Metro median of $1,595.
Here is the Chandler real estate price appreciation graph by Zillow. It shows us the current home price appreciation forecast of 2.4% till June 2020.
Chandler Real Estate Market Trends
Chandler real estate market trends indicate an increase of $12,512 (4%) in median home sales and a 3% rise in median rent per month over the past year. The average price per square foot for this same period rose to $177, up from $170. Trulia has 1,260 resale and new homes for sale in Chandler, AZ, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The median sales price for homes in Chandler for May 1 to Jul 31 was $335,000 based on 1,425 home sales. Average price per square foot for Chandler was $177, an increase of 4% compared to the same period last year. The median rent per month for apartments in Chandler for Jun 28 to Jul 28 was $1,795.
As per the real estate company named Redfin, the Chandler housing market is very competitive. Homes in Chandler receive 2 offers on average and sell in around 36 days. The average sale price of a home in Chandler was $330K last month, up 6.8% since last year.
The average sale price per square foot in Chandler is $178, up 6.0% since last year. Homes typically receive 2 offers. Homes in the Chandler housing market sell for about 1% below list price and go pending in around 36 days.
Hot homes for sale in Chandler, Arizona can sell for around list price and go pending in around 15 days.
Chandler Housing Market Statistics
|Median Sales Price||$335,000 (On Trulia)|
|Price Per Square Ft||$177|
|Median Rent Per Month||$1,795|
|Median Household Income||$71,463|
|Transportation||97% people commute by car; 1% commute by public transportation|
There are 1,184 homes for sale in Chandler, AZ ranging from $20K to $25.7M on Realtor.com. 119 of which were newly listed within the last week. Additionally, there are 347 Chandler rental properties, with a range of $10 to $6.2K per month. The median list price of homes in Chandler, AZ was $349.9K in June 2019, trending up 6.1% year-over-year. The median listing price per square foot was $178.
The median list price in Chandler, AZ is $438,950 on Movoto.com. The median list price in Chandler went up 3% from July to August. Chandler’s home resale inventories is 462, which increased 3 percent since July 2019. The median list price per square foot in Chandler is $181. July 2019 was $180. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in August.
Chandler, AZ Single Family And Multi-Family Homes
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate.
Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units.
As per the real estate company called Neigborhoodscout.com, the median house price in Chandler, AZ is $353,148, which indicates that home prices in Chandler are well above the national average for all cities and towns in the United States.
Single family detached homes are the single most common housing type in Chandler, accounting for 71.59% of the city’s housing units. Three and four bedroom dwellings are the most common building size and type in single-family detached homes in Chandler.
Other types of housing that are prevalent in Chandler include large apartment complexes or high rise apartments, duplexes and a few row houses.
Currently, there are 755 single family homes for sale in Chandler, AZ on Zillow. Additionally, there are 255 single family homes for rent in Chandler, AZ. Under potential listings, there are about 2 Foreclosed and 103 Pre-Foreclosure homes. These are the properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
Chandler, AZ Foreclosures And Bank Owned Homes 2019
According to Zillow’s statistics, in Chandler 0.1 homes are foreclosed (per 10,000). This is lower than the Phoenix-Mesa-Scottsdale Metro value of 0.5 and also lower than the national value of 1.2. The percent of delinquent mortgages in Chandler is 0.3%, which is lower than thenational value of 1.1%.
With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth.
The percent of Chandler homeowners underwater on their mortgage is 6.9%, which is lower than Phoenix-Mesa-Scottsdale Metro at 7.1%.
|Foreclosures in Chandler||124|
|Homes for Sale in Chandler||591 (RealtyTrac)|
|Median List Price||$344,900 (3% ⇑ vs May 2018)|
There are currently 124 properties in Chandler, AZ that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 591. In June 2019, the number of properties that received a foreclosure filing in Chandler, AZ was 145% higher than the previous month and 40% lower than the same time last year.
Best Places To Buy Real Estate In Chandler, AZ
If you are looking to buy real estate in Chandler, you should know the best places to invest in. The three most important factors when buying a real estate anywhere are location, location, and location. Location creates desirability. Desirability brings demand. Demand would raise the price of your Chandler real estate and you should be able flip it for a lump sum profit.
When looking to invest in Chandler real estate, you need to find places where the expected property appreciation forecast is positive. The running costs for owning and managing an Chandler investment property should be low. The neighborhoods in Chandler must be safe to live in and should have a low crime rate.
The neighborhoods should be close to basic amenities, public services and shopping malls. There should be a natural and upcoming high demand for rental properties and a low supply of income properties.
There are 21 neighborhoods in Chandler. There are 53 elementary schools, 31 middle schools, 27 high schools and 20 private & charter schools.
Some of the best neighborhoods in Chandler, Arizona are Sun Lakes, Sun Groves and The Octotillo. Sunwest Trails has a median listing price of $515K, making it the most expensive neighborhood. Sunbird Golf Resort is the most affordable neighborhood in Chandler, with a median listing price of $228.9K.
Here are the 10 best neighborhoods in Chandler to invest in real estate because they have the highest appreciation rates (List by Neigborhoodscout.com).
S Price Rd / W Germann Rd
E Queen Creek Rd / S Lindsay Rd
International Baptist College / W Germann Rd
E Ryan Rd / Eastern Canal Rd
S Arizona Ave / W Frye Rd
W Ryan Rd / S Arizona Ave
136th St / S Gilbert Rd
Should You Invest In Chandler Real Estate In 2019?
Is it worth buying a house in Chandler, AZ? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Chandler is good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
We have already discussed the Chandler housing market 2019 forecast for answers on why to put resources into this market. Although, this article alone is not a comprehensive source to make a final investment decision for Chandler but we have collected ten evidence based positive things for those who are keen to invest in the Chandler real estate in 2019.
Investing in Chandler real estate will fetch you good returns in the long term as the home prices in Chandler have been trending up year-over-year. Let’s take a look at the number of positive things going on in the Chandler real estate market which can help investors who are keen to buy an investment property in this city.
1. The Relative Affordability
The median home value in the Chandler real estate market is 230,000 dollars. That is roughly in line with the national average. However, that’s somewhat cheaper than the average house in Phoenix. Chandler is a bargain compared to the expensive luxury homes in Camelback in southern Phoenix and Scottsdale.
For example, the cost of the average home in Scottsdale is approaching half a million dollars. However, there aren’t a lot of opportunities to snap up a Chandler real estate investment property at a deep discount.
The number of homes that are delinquent on their mortgage is half the national average, and a lower percentage has negative equity than average. This is mostly due to the excellent job market in the Chandler area.
2. The Heavy Demand
The Phoenix area is growing rapidly. The area is currently hot, but it isn’t too hot. Properly valuations in the Chandler real estate market grew five percent last year. They’re expected to appreciate another two percent in 2020.
3. The Geographical Constraints
Property values in the Chandler housing market are buoyed by the geographic constraints that prevent them from simply building out. They can’t build south because of the Gila River Indian Community. They can’t expand north or west because that area is already developed.
And because many are trying to remain close to the Sky Harbor International Airport or jobs in downtown Phoenix, the only options are denser development on what open land remains or expensive tear-down and rebuild infill development. This will bolster the value of existing Chandler real estate investment properties.
4. The High Paying, High Tech Jobs
While many people buy homes in the Chandler housing market to be in easy reach of Phoenix employers, the Chandler area has a strong job market itself. For example, a good Chandler real estate investment would be an apartment building or duplex in walking distance of the Intel, NXP Semiconductor or PayPal offices.
Other good paying high tech employers in the area include Microchip Technology and Northrup Grumman. This is aside from major employers like Wells Fargo and the regional medical center.
All of this has resulted in a median household income 20,000 dollars higher than the state average, attracting many people to the Chandler area.
5. The Student Market
The Chandler housing market is home to a decently sized student population, but its economy isn’t dependent on the rise and fall of one school. The Chandler-Gilbert Community College system caters to local students. Western International University and Ottawa University have campuses here.
The massive Arizona State University campus in Tempe is only fourteen miles away. An affordable Chandler real estate investment property that can advertise a ten minute drive to that campus will see a steady stream of students signing up.
6. The Snowbird Market
Chandler real estate investment opportunities go well beyond the student market, tourists, business executives and those who don’t want to commit to a mortgage payment. The Chandler real estate market contains several master-planned active adult communities catering specifically to retirees.
The Sun Lakes area contains five such adult-only communities. This is aside from the number of snowbirds that rent seasonally in the Chandler real estate market.
7. The Landlord Friendly Laws at the State Level
Arizona is landlord friendly compared to states like California. The state is notable for becoming more landlord friendly. However, the state has been working on laws that mean landlords don’t have to store perishable items while waiting for a tenant to pick up their stuff.
Nor do they have to hold on to items without material value. If it looks like the person has moved out, the landlord can take the unit back over. Eviction is seamless, whether someone violated the lease or failed to pay the rent.
This helps properly owners guarantee the returns they expected to get from an Chandler real estate investment property.
8. The Balmy Climate for Short Term Rentals
The state of Arizona passed laws that limit what cities like Chandler can do to regulate short-term rentals. This makes it much easier to rent out a Chandler real estate investment property via short term rentals.
The city has been cracking down on informal event centers. For example, you can rent a house to people who are staying there quietly for a week, but wild parties or events like weddings will be seen as a violation of the city code.
Violations like these in the Chandler housing market can result in a fine up to 2500 dollars. Note that an HOA can ban a short-term rental in the Chandler housing market even if the city can’t, so know whether or not there is an HOA and whether or not it limits short-term rentals before you assume it can be rented out as such.
9. The Strong ROI on Chandler Real Estate
The median rent in Chandler hovers around 1700 dollars a month. This is about a hundred dollars more per month than the median rent for the Phoenix metro area. The rent you’d receive for a single family Chandler real estate investment would of course be higher.
10. The Relatively Low Tax Burden
The total tax burden faced by Arizona residents is thirty-second worst in the nation. That’s roughly average. It is also about twenty places better than California. That’s simply an argument to invest in Arizona instead of California.
If you’re considering buying a property in the Chandler housing market, the low property tax rate is a major point in its favor. The state and local property taxes total about 1100 dollars a year. The average property taxes paid as a percentage of home value is two thirds of a percent.
Chandler Real Estate Investment
Maybe you have done a bit of real estate investing in Chandler, AZ but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold.
A good cash flow means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt.
Therefore, finding a good Chandler real estate investment opportunity would be a key to your success. in If you invest wisely in Chandler real estate, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
The less expensive the Chandler investment property is, the lower your ongoing expenses will be. Roughly a $150,000 property is what some experts recommend starting with.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments in Chandler, you should focus on neighborhoods with relatively high population density and employment growth.
Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Chandler, AZ. The Chandler area offers strong market fundamentals in addition to a favorable tax and regulatory climate.
This is in addition to a plethora of high paying jobs that attract new residents and niche markets that are willing to pay higher rents in exchange for convenience and proximity to amenities.
Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Chandler, AZ is your ability to find great real estate investments in that area.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
The aim of this article was to educate investors who are keen to invest in Chandler real estate in 2019. Purchasing an investment property requires a lot of studies, planning, and budgeting. Not all deals are solid investments. We always recommend to do your own research and take help of a real estate investment counselor.
Other Best Places To Invest in Real Estate in 2019
Another sizzling market to choose for investment is the Scottsdale real estate market. You’ll see better than average returns on the average Scottsdale real estate investment property, and its value will be bolstered by a variety of factors. This makes Scottsdale a better choice for investors than Phoenix.
The Scottsdale housing market has a more diverse rental market than just catering to those who can’t afford to buy a single family home. For example, the area is famous for its snowbirds, retirees who come for the winter before returning home.
Some of them buy a one or two bedroom home to live in half the year. Others rent such properties. While many live in Sun City and other age-restricted communities, others choose to rent elsewhere in the Scottsdale real estate market.
The other best place to invest in real estate is Reno, NV. The Reno real estate market is ideal for investors for a number of reasons. Supply is limited, and demand is growing. Rental rates are driven by several competing markets that aren’t going to slow down any time soon.
Forget owning a couple of condos in Las Vegas and invest in a more affordable, stable real estate market like Reno. About 40 percent of those living in the Reno housing market rent. The fact that many are tourists or students who are almost immune to economic pressures guarantees decent rental rates on a Reno real estate investment property.
Let us know which real estate markets you consider best for real estate investing! If you need an expert investment advise, you may fill up the form given here.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
High paying high tech jobs
Landlord friendly https://www.avail.co/education/laws/arizona-landlord-tenant-laws
Short term rentals
Housing Market Data, Trends & Statistics