Gilbert AZ Real Estate Housing Market Report - October 2022
After decreasing for three straight months, the average sold price per square foot of Gilbert homes has increased in October, going from $281/sf in September to $282/sf in October. This is certainly not a significant increase, and the trend over the last four months is still downward, as the Gilbert housing market seems to be slowing.
After decreasing for 3 straight months, Gilbert days on market has now increased five months in a row, going from 20 DOM in May to 53 DOM in October. The Gilbert DOM has more than doubled in a few months, which means that homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were earlier in the year, and throughout 2021.
The number of new listings in Gilbert has now decreased the last four months after increasing for four straight months, going from 622 in June to 320 in October. With this decrease it is the lowest number of Gilbert listings in October over the last 4 years. The number of new Gilbert listings in October is now -29.4% lower than the number of new listings in October of last year.
Home inventory in Gilbert seems to be catching up with demand, and that has helped home prices slow down their rapid climb over the last two years. The number of active listings sits at 1,027 for October, which is a slight decrease from September (1,042). Active listings are now exactly 93.8% higher than in October of last year.
Gilbert listings have caught up with demand and the rapid increase in home prices has slowed. Median home values in Gilbert have increased an average of 4.2% since October of 2021 as mortgage interest rates continue to increase over 7.0%. The Gilbert housing market is slowing as we head into the winter, which always signifies a slowdown in the housing market in Arizona.
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.