Hyper-growth has ended for Queen Creek’s foreseeable future, and the housing market is feeling it.
“Queen Creek is not showing signs of distress, but it is showing signs of normalization after several years of an overheated market,” said Sammy Glassman, board president of Phoenix REALTORS, a local association for Valley Realtors.
In the short term, the Queen Creek housing market appears stable.
“Inventory is down 8.7% year-over-year, and months of supply sits at 4.5 months, which is generally considered a more balanced market,” Glassman stated. “Median pricing is still slightly positive year-over-year at +0.9%, and sellers are still receiving 98.3% of list price on average.”
Over the next three months, Glassman expects continued price stability instead of dramatic appreciation, buyers remaining highly payment sensitive, well-priced homes continuing to sell, overpriced homes sitting longer and requiring reductions, and increased activity if mortgage rates drop.
National factors such as elevated mortgage rates, inflation concerns and overall economic uncertainty are affecting the Queen Creek market.
“In Arizona, and especially in fast-growing suburban markets like Queen Creek, we are also seeing the lingering effects of rapid appreciation from 2020-2022,” Glassman said. “Buyers today are much more payment-sensitive than they were a few years ago. They are comparing homes aggressively online, negotiating harder and taking more time before committing.”
Meanwhile, Queen Creek shows strong long-term fundamentals such as continued population growth, newer housing stock, quality of life and expansion in the southeast Valley.
“Even with pending sales down 26.9%, closed sales were still slightly positive year-over-year, which shows that demand has slowed but not disappeared,” Glassman said.
In terms of payment sensitivity, Glassman said many current homeowners locked in rates in the 2%-4% range, “so moving today often means doubling their mortgage rate even if they buy a similarly priced home,” creating the so-called “golden handcuff” effect.
Although appreciation has slowed, the median sales price for a home in Queen Creek is nearly $666,000, with average sales prices above $757,000, Glassman said.
“Combined with higher interest rates, many homeowners would face substantially higher monthly payments if they sold and purchased another home locally,” she said. “For some families, even downsizing does not create the financial relief it once did. … Many homeowners are choosing to stay put, renovate or wait for rates to improve before making a move.”
Despite that, Glassman said homes are still taking an average of 79 days to sell, “which tells us buyers are cautious and selective.”
As people continue to move into Queen Creek, Glassman said market activity suggests buyers are favoring newer master-planned communities, areas with larger lots, neighborhoods near new retail, schools and infrastructure, “and homes offering flexible living spaces and multigenerational layouts.”
Glassman said the current housing market activity indicates that:
Pending sales being down nearly 27% is significant and suggests buyers are taking a slower, more cautious approach right now.
Despite softer pending activity, prices have remained stable, suggesting inventory constraints are helping support values.
Sellers are receiving 98.3% of list price showing demand for properly priced homes.
Lower inventory combined with fewer new listings suggests many homeowners are staying on the sidelines because of rate lock-in.
“Overall, Queen Creek appears to be transitioning into a healthier, more sustainable market after several years of extreme volatility,” she said. “The market is no longer driven by urgency and bidding wars, but by pricing strategy, affordability, and buyer confidence.”
Janet Perez can be reached at jperez@iniusa.org. Please send your comments about this article to AzOpinions@iniusa.org. We are committed to publishing a wide variety of reader opinions, as long as they meet our Civility Guidelines.
Janet Perez News Editor | Queen Creek &
San Tan Valley
Meet Janet Janet Perez joined Independent Newsmedia as editor of the Queen Creek Independent and Florence Independent in 2020. She started her career in 1989 with the Gannett-owned El Paso Times. In 1992, she moved to Tempe and has worked in newspapers, magazines, radio and television. She left Arizona for three years to work at New Mexico State University and Baylor University before returning to work at Arizona State University. Missing the business, she went back to journalism in 2017.
Community: A long-time pet owner, she supports animal welfare causes.
Education: University of Texas at El Paso with a BA in journalism and a minor in political science.
Random Fact: She had a head full of random facts.
Hobbies: Reading, watching documentaries, cooking and playing with her dogs.
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