Gilbert AZ Real Estate Housing Market Report - July 2022
After increasing for five straight months, the average sold price per square foot of Gilbert homes has decreased, going from $310/sf in June to $304/sf in July. Even though it decreased, the average sold price per square foot in Gilbert has increased in 22 of the last 25 months.
After decreasing for 3 straight months, Gilbert days on market has increased two months in a row, going from 20 DOM in May to 29 DOM in July. The Gilbert DOM is still low, which means that homes in Gilbert Arizona are still selling very fast!
The number of new listings in Gilbert decreased in July after increasing for four straight months, going from 622 in June to 555 in July. With this decrease it is still the second highest number of new Gilbert listings since July of 2020. The number of new Gilbert listings in July is now 13.7% higher than the number of new listings in July of last year.
Home inventory in Gilbert seems to be catching up with demand, and that will help home prices slow down their rapid climb over the last two years. The number of active listings sits at 895 for July, which is the fourth consecutive monthly increase. Active listings are now 70.8% higher than in July of last year, and higher than they have been since June of 2019.
The lack of listings continues to drive demand and home prices higher, but there seems to be a shift coming. Median home values in Gilbert have increased an average of 22.5% since July of 2021. Mortgage interest rates are now hovering around 5.5%, but are still historically low, so there should be more buyers in Gilbert looking to purchase homes through the rest of 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.