Gilbert AZ Real Estate Housing Market Report - November 2021
The days on market in Gilbert increased for the fifth straight month, from 25 DOM in October to 29 DOM in November. Even though this is the sixth increase in the last seven months, the DOM is still extremely low, which means that homes in Gilbert Arizona are still selling very fast!
The number of new listings in Gilbert dropped in November to 329, after slightly increasing in October to 453. New listings have fluctuated up and down each month since March of this year. This is the lowest number of new listings all year, but it is typical for listings to decline towards the end of the year. The number of new listings for November is -7.8% less than the number of new listings in November 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 488 for November, down from 526 in October. This is only the second drop in Gilbert inventory this year, but this is typical during the last couple of months of the year. Although listings dropped, active listings in Gilbert are now higher than the same month as last year for the first time since June of 2019. There are 1.9% more homes for sale in Gilbert compared to November of 2020.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 31.0% since November of 2020. Mortgage interest rates have started to increase above 3.0%, but are still historically low, so there still should be more buyers in Gilbert looking to purchase homes throughout the remainder of 2021.
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.