If I told you that 62% of homes are selling below the asking price, you might immediately assume the Arizona housing market is getting worse.

That's exactly what many people think.

But here's the surprising part.

That's almost exactly what happened before COVID.

This week's housing data shows that today's market isn't crashing—it is simply returning to a more balanced, normal housing market.

Let's break down what the latest national, Arizona, and Chandler data tells us and what it means whether you're buying or selling a home.

Key Market Highlights

1. Sellers Remain Surprisingly Confident

Despite rising inventory and homes taking longer to sell, homeowners remain remarkably optimistic.

A recent survey asked homeowners:

"What do you expect to happen when you sell your home?"

The results were surprising:

• 37% expect to sell above asking price

• 46% expect to receive their full asking price

That means more than 8 out of 10 sellers believe they'll receive asking price or better.

This confidence explains why many homeowners are not rushing to reduce their asking prices.

Instead, many are simply waiting for the right buyer.

2. Most Homes Sell Below Asking—And That's Completely Normal

Now let's compare expectations with reality.

The latest national housing data shows:

62% of homes sold below their asking price.

At first glance, that sounds negative.

However, historical data tells a completely different story.

Before COVID:

• 2018: 62% sold below asking

• 2019: 64% sold below asking

• Today: 62% sold below asking

The numbers are nearly identical.

Selling below asking price isn't a warning sign.

It's how a balanced housing market has traditionally operated.

The pandemic years simply made many people forget what "normal" actually looks like.

3. Arizona Has Returned to a Balanced Market

Today's Arizona market shows the same pattern.

Only 14.3% of Arizona homes are currently selling above asking price.

That means nearly 86% sell at asking price or below.

Compared to 2021, that feels like a dramatic slowdown.

Back then, bidding wars were common and buyers frequently competed against ten or even twenty offers.

But when we compare today's numbers with the years before COVID, today's market falls perfectly within Arizona's historical range.

Before COVID, Arizona typically saw between 10% and 20% of homes selling above asking price.

Today's 14.3% sits right in the middle.

The market today isn't unusually weak.

The pandemic market was unusually strong.

4. Chandler Continues to Show Healthy Market Conditions

Chandler tells a very similar story.

Only 13% of homes are currently selling above asking price.

That is almost identical to the Arizona average.

For sellers, this doesn't mean home values have declined.

Instead, it means pricing strategy has become much more important.

During 2021, almost any well-prepared home could generate multiple offers.

Today's buyers have more choices.

Homes priced correctly continue to sell.

Homes priced too aggressively often remain on the market longer.

For buyers—especially first-time buyers—this is encouraging.

The chance of competing in intense bidding wars has dropped significantly, giving buyers more time to compare homes and negotiate confidently.

5. Homes Are Taking Longer to Sell—Just Like Before COVID

Another sign that today's housing market is returning to normal is the average time it takes to sell a home.

Nationally, homes now average approximately 52 days from listing to closing.

Compared to 2021, that feels much slower.

But compared to 2018 and 2019, it's almost identical.

Once again, today's market looks much more like the market before COVID than the extraordinary market during COVID.

6. Arizona Buyers Finally Have Time

Across Greater Phoenix, homes are currently taking approximately 80 days from listing to closing.

For buyers relocating from another state, this is actually an advantage.

Instead of flying to Arizona for a single weekend and feeling pressured to submit an offer immediately, buyers now have time to:

• Explore Chandler

• Compare Gilbert, Mesa and Queen Creek

• Visit multiple neighborhoods

• Evaluate school districts

• Make a confident decision

Buying a home is one of the biggest financial decisions most families ever make.

Having more time is usually a benefit—not a disadvantage.

7. Is Chandler Beginning to Slow Down?

For most of this year, Chandler homes were taking approximately 60–65 days from listing to closing.

The newest July data shows that number increasing to roughly 80 days, similar to the Arizona average.

Does that mean Chandler is slowing down?

Possibly.

But one month of data is not enough to establish a trend.

We'll continue monitoring this metric closely in future market updates before drawing any long-term conclusions.

What This Means for Buyers

Today's Chandler market gives buyers several advantages that didn't exist during 2021.

You now have:

• More homes to compare

• Less pressure to rush

• Fewer bidding wars

• Better opportunities to negotiate

• More time to make an informed decision

That doesn't necessarily mean homes will become dramatically cheaper.

It means buyers have regained leverage.

What This Means for Sellers

For sellers, the biggest adjustment is expectations.

Today's market should not be compared with 2021.

Instead, compare it with a healthy, balanced market like 2018 or 2019.

Today's successful sellers focus on:

• Accurate pricing

• Strong marketing

• Professional presentation

• Realistic expectations

Homes that are priced correctly continue to sell.