Phoenix Real Estate Trends: East Valley Market Insights

The Phoenix metropolitan area, known for its vibrant culture and dynamic real estate market, has been a focal point for investors and homebuyers. Among its most promising sectors is the East Valley, encompassing Chandler, Gilbert, Mesa, Queen Creek, and Tempe. This article delves into the latest Phoenix real estate trends, offering a comprehensive insight into these thriving submarkets.

Chandler, a prominent suburb of Phoenix, strikes a perfect balance between modern development and historic charm. The Chandler real estate market has witnessed a steady rise in demand, attributed to its thriving tech industry and top-rated educational institutions. Homes here cater to diverse tastes, from luxurious estates to cozy single-family homes, making it a sought-after location for families and professionals. Like most Phoenix areas, Chandler’s housing market is a few steps ahead of the national market, with median and average sales prices of $530,000 and about $610,000, respectively.

In early 2024, Gilbert, AZ, continues to attract prospective homebuyers for its outstanding quality of life, family-friendly atmosphere, and robust economy. Its one-of-a-kind atmosphere includes SanTan Village Mall and the Riparian Preserve at Water Ranch. The city's thriving job market, diverse housing options, and convenient access to amenities make it appealing to prospective buyers. As of January 2024, median and average sales prices in Gilbert were significantly higher than a year ago.

Mesa, the third-largest city in Arizona, offers a more affordable entry point into the Phoenix real estate market. As of January 2024, Mesa has a stable 2.6 months of housing inventory, while the median sales price is just $465,000. Mesa real estate is diverse, with options ranging from historic homes to new developments.

Beyond its housing diversity, Mesa boasts a rich cultural tapestry, including institutions like the Mesa Arts Center and excellent restaurants like Tucked Away Craft Kitchen & Bar. The city also has an extensive network of parks, trails, and outdoor spaces — Usery Mountain Regional Park, Red Mountain Park, Desert Arroyo Park, and Riverview Park are just a few examples of places you can explore.

Queen Creek stands out with its rural ambiance and spacious properties. The Queen Creek real estate market is ideal for those seeking larger lots and a quieter pace of life, yet it remains conveniently close to urban centers. The market in January 2024 was less active than a year prior. Still, there is a healthy inventory of 3.5 months, and the median sales price has increased by almost $100,000 compared to January 2023. This market has been growing, attracting families and individuals looking for a peaceful retreat without sacrificing accessibility to urban amenities.

Tempe, home to Arizona State University, offers prospective residents a unique combination of affordability, amenities, and investment potential. As of January 2024, the housing market in Tempe, Arizona, remains robust, characterized by steady demand and limited inventory. New listings were up 28%, while pending and closed sales were down about 30% (year-over-year). As the inventory of single-family homes recovers, buyers will see more opportunities.

Who are those buyers? For Arizona State University students, Tempe offers proximity to campus, a vibrant cultural scene, and diverse housing options, from apartments to rental homes. Young professionals are drawn to Tempe for its employment opportunities, urban amenities, and relatively affordable housing compared to neighboring cities like Scottsdale or Phoenix. Additionally, investors recognize the potential for strong rental yields and property appreciation in Tempe's dynamic real estate market.

As of February 2024, Maricopa County's median list price was $625,000, with the market action index hovering around 41, slightly higher than the previous month's index of 39. The inventory has increased from about 7,842 properties in January to 8,612 in February. This indicates a slight seller's advantage, with a healthy balance between demand and supply. The median price of new listings is $566,000, and properties average $292 per square foot. Homes stay on the market for an average of 80 days, with a median of 42 days.

The diversity in the East Valley real estate markets offers many investment opportunities. Chandler and Gilbert, with their upscale neighborhoods and growing economies, present promising prospects for long-term value appreciation. With its affordability, Mesa attracts a broad demographic, including first-time homebuyers and investors. Queen Creek’s larger properties offer unique investment options in a less saturated market. Tempe remains a strong contender for rental investments due to its consistent demand driven by the university and tech sector.

Navigating these markets requires expertise and up-to-date knowledge. The Santistevan Group, a leader in Phoenix real estate, offers unparalleled insights and services to help clients make informed decisions. Whether you're a first-time buyer, a seasoned investor, or looking to sell, our team of experts can guide you through every step of the process.

The East Valley's real estate market is as diverse as it is dynamic. From the family-friendly neighborhoods of Chandler and Gilbert to the more affordable options in Mesa and Queen Creek and the vibrant urban lifestyle of Tempe, there's something for every buyer. Keeping abreast of the latest Phoenix real estate trends is vital to making a sound investment or finding your dream home in this ever-evolving landscape.

Ready to dive into the Phoenix real estate market? Whether you're eyeing Chandler real estate, Gilbert real estate, Mesa real estate, Queen Creek real estate, or Tempe real estate, The Santistevan Group is your go-to source for expert guidance and market insights. Contact The Santistevan Group today to start your real estate journey in the vibrant East Valley!