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East Valley Real Estate Market Update - July 2024

Market Overview
The East Valley real estate market continues to show resilience and growth, despite economic fluctuations. Cities like Mesa, Gilbert, Tempe, Chandler, and Apache Junction are seeing steady demand from both buyers and investors. Here's a closer look at the current trends and statistics.

Mesa remains a hotspot for homebuyers due to its affordable housing options and family-friendly neighborhoods. The median home price has increased by 6% year-over-year, now standing at $380,000. Inventory levels are slightly down, indicating a seller’s market.

Gilbert’s real estate market is booming with a 5% increase in median home prices, now averaging $450,000. The town's excellent schools and vibrant community life continue to attract families and young professionals. Inventory is low, creating competitive bidding scenarios.

Tempe, known for its proximity to Arizona State University, is experiencing a surge in demand. The median home price has risen by 4%, reaching $420,000. With a mix of single-family homes and condos, Tempe offers diverse options for buyers. The rental market is also strong, with high demand for student housing.

Chandler’s market remains robust, with a 7% year-over-year increase in median home prices, now at $440,000. The city's thriving tech sector and quality amenities make it a desirable place to live. Inventory is low, pushing prices higher and making it a competitive market for buyers.

Apache Junction
Apache Junction is seeing steady growth with a 3% rise in median home prices, now at $310,000. This area attracts those looking for more affordable housing options and beautiful natural surroundings. Inventory is more balanced, providing opportunities for both buyers and sellers.

Market Trends
1. Low Inventory: The East Valley is experiencing low inventory levels, leading to competitive markets, especially in cities like Mesa and Gilbert.
2. Price Appreciation: Home prices are steadily increasing across all cities, driven by high demand and low supply.
3. Interest Rates: Despite recent hikes, mortgage interest rates remain relatively low, encouraging more buyers to enter the market.
4. New Construction: There is a rise in new construction projects, particularly in Chandler and Gilbert, aiming to meet the growing demand.

Tips for Buyers and Sellers
- Buyers: Be prepared to act quickly in this competitive market. Get pre-approved for a mortgage and be ready to make strong offers.
- Sellers: With low inventory, now is a great time to list your home. Price it competitively to attract multiple offers.

The East Valley real estate market is thriving, with cities like Mesa, Gilbert, Tempe, Chandler, and Apache Junction offering excellent opportunities for buyers and sellers alike. Stay tuned for more updates and happy house hunting!

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