Gilbert AZ Real Estate Housing Market Report - June 2022
The average sales price of Gilbert homes has slightly decreased after increasing for four months in a row, going from $719,659 in May to $718,085 for June. Average sales prices in Gilbert have increased in 21 out of the last 26 months.
After decreasing in January, the average sold price per square foot of Gilbert homes has increased for the fifth straight month, going from $305/sf in May to $310/sf in June. This is just another sign that home values continue to increase, as this is the 22nd increase in the last 24 months.
After decreasing for 3 straight months, Gilbert days on market has increased from 20 DOM in May to 25 DOM in June. The Gilbert DOM is still low, which means that homes in Gilbert Arizona are still selling very fast!
After decreasing in January, the average sold price per square foot of Gilbert homes has increased for the fifth straight month, going from $305/sf in May to $310/sf in June. This is just another sign that home values continue to increase, as this is the 22nd increase in the last 24 months.
After decreasing for 3 straight months, Gilbert days on market has increased from 20 DOM in May to 25 DOM in June. The Gilbert DOM is still low, which means that homes in Gilbert Arizona are still selling very fast!
After decreasing in April and May, home sales in Gilbert saw a slight increase this month, going from 350 in May up to 368 in June. With this increase, Gilbert home sales are now -19.8% lower than in June of 2021. This is the time of year when home sales typically increase as we head into the high buying season. June home sales in Gilbert are significantly lower than they were in June of the last three years, including when we were going through the Covid-19 pandemic.
The number of new listings in Gilbert increased for the fourth straight month after decreasing in February, going from 372 in February to 622 in June. With the increase in June, this is the highest number of new Gilbert listings since May of 2019. The number of new Gilbert listings in June is now 18.0% higher than the number of new listings in June 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 685 for June, which is the third consecutive monthly increase. Active listings are now 53.9% higher than in June of last year, and down just 6.9% from June of 2020.
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 17.3% since June of 2021. Mortgage interest rates are now close to 6.00%, but are still historically low, so there should be more buyers in Gilbert looking to purchase homes as we enter the summer months of 2022.
The number of new listings in Gilbert increased for the fourth straight month after decreasing in February, going from 372 in February to 622 in June. With the increase in June, this is the highest number of new Gilbert listings since May of 2019. The number of new Gilbert listings in June is now 18.0% higher than the number of new listings in June 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 685 for June, which is the third consecutive monthly increase. Active listings are now 53.9% higher than in June of last year, and down just 6.9% from June of 2020.
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 17.3% since June of 2021. Mortgage interest rates are now close to 6.00%, but are still historically low, so there should be more buyers in Gilbert looking to purchase homes as we enter the summer months 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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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