Gilbert AZ Real Estate Housing Market Report - April 2022
After decreasing in January, the average sold price per square foot of Gilbert homes also increased for the third straight month, going from $289/sf in March to $299/sf in April. This is just another sign that home values continue to increase, as this is the 20th increase in the last 22 months.
After increasing or remaining the same for 10 months, between April of 2021 and February of 2022, Gilbert days on market has declined for two straight months, going from 30 DOM in February down to 20 DOM for April. This is a sign that there seems to be no slowing down in the Gilbert housing market. The Gilbert DOM is extremely low, which means that homes in Gilbert Arizona are still selling very fast!
The number of new listings in Gilbert increased for the second straight month after decreasing in February, going from 446 in March to 456 in April. Even with the increase, this is the lowest number of new Gilbert listings in April over the past four years. The number of new Gilbert listings in April is still -10.8% lower than the number of new listings in April of last year.
There is still a lack of inventory based on demand, and that will only help home prices continue their upward trend. The number of active listings sits at 385 for April, which is the first increase in the last six months. Active listings are now 2.1% higher than in April of last year, but down 52.2% from April of 2020.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 33.3% since April of 2021. Mortgage interest rates have started to increase above 5.25%, but are still historically low, so there should be more buyers in Gilbert looking to purchase homes early on in 2022.
For more detailed stats on the Gilbert Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.