Is Gilbert, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Gilbert has remained a Seller's Market.
Key Takeaway
Gilbert is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gilbert, AZ
How much do homes in Gilbert, AZ cost?
Median Sold Price
$550,362
$273/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Gilbert have sold for 4.3% less than they did a year ago.
Summary: The median home sold price in Gilbert was $550,362 in November 2023, down 4.3% from last year, and the median price per square foot was $273.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $230K | $240K | +4.3% |
| 2 Bedrooms | $430K | $415K | -3.5% |
| 3 Bedrooms | $515.7K | $475K | -7.9% |
| 4 Bedrooms | $633.6K | $617K | -2.6% |
| 5+ Bedrooms | $804.8K | $775K | -3.7% |
Summary: Gilbert housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 4.3%, 2 bedroom homes decreased by 3.5%, 3 bedroom homes decreased by 7.9%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes decreased by 3.7%.
Median Sold Price Compared To Nearby Cities
| Chandler | $525K | $509K | -3.0% |
| Queen Creek | $607.9K | $586.3K | -3.6% |
| Gilbert | $574.9K | $550.3K | -4.3% |
| Mesa | $452.2K | $431.7K | -4.5% |
| Queen Creek | $640K | $585.2K | -8.6% |
Housing Supply in Gilbert, AZ
How many homes are available in Gilbert, AZ?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 796 | 783 | -1.6% |
Summary: The Gilbert real estate market had 783 homes for sale in November 2023, a 1.6% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 71 | 68 | -4.2% |
| 3 Bedrooms | 300 | 286 | -4.7% |
| 4 Bedrooms | 268 | 271 | +1.1% |
| 5+ Bedrooms | 156 | 156 | 0.0% |
Summary: The Gilbert housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes decreased by 4.7%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 227 | 171 | -24.7% |
Asking Price vs. Sold Price
89 Homes Were Sold
Under Asking
48 Homes Were Sold
At Asking
34 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gilbert, you may be able to get a good deal. 52% of homes here sold below asking price last month.
Summary: A total of 171 homes were sold or pending in Gilbert in November 2023, down by 24.7% month-over-month. Of the 171 sold homes, 52% were sold under asking, 28% were sold at asking, and 20% were sold over asking.
Days on Market for Gilbert, AZ
How long does it take to sell a home in Gilbert, AZ?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 58 Days | 41 Days | -30.2% |
Summary: Homes in Gilbert had an average of 41 days on market in Nov 2023, down by 30.2% compared to last year.
Breakdown of Home Sale Times
87 Homes Were Sold
Under 30 Days
70 Homes Were Sold
In 30 - 90 Days
14 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Gilbert are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 171 homes were sold in Gilbert; 51% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Arizona Regional Multiple Listing Service, Inc. Indicates a property listed by a real estate brokerage other than Rocket Homes Real Estate, LLC. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Arizona Regional Multiple Listing Service, Inc. do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Information deemed reliable but not guaranteed. Copyright© 2023 Arizona Regional Multiple Listing Service, Inc. All Rights Reserved.