Gilbert AZ Real Estate Housing Market Report - September 2022
After increasing for five straight months, the average sold price per square foot of Gilbert homes has now decreased for the third straight month, going from $310/sf in June to $281/sf in September. After decreasing for three months in a row it seems like the market is slowing.
After decreasing for 3 straight months, Gilbert days on market has now increased four months in a row, going from 20 DOM in May to 46 DOM in September. The Gilbert DOM is still low, which means that homes in Gilbert Arizona are still selling fast and should continue through 2022.
The number of new listings in Gilbert has now decreased the last three months after increasing for four straight months, going from 622 in June to 380 in September. With this decrease it is the lowest number of Gilbert listings in September over the last 3 years. The number of new Gilbert listings in September is now -14.2% lower than the number of new listings in September 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 1,036 for September, which is a very slight decrease from August (1,039). Active listings are now exactly 100.0% higher than in September of last year.
The lack of listings continues to drive demand and home prices higher, but that seems to be changing. Median home values in Gilbert have increased an average of 15.0% since September of 2021. Mortgage interest rates are now over 6.3% but are still historically low. However, the market is slowing, and we are heading into the fall 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.