🏡 Sales Market
Active Listings: 726 (-4.8% YoY)
→ Inventory has pulled back compared to last year after increasing earlier this quarter, signaling a slight tightening in supply
Median Sold $/SF: $280.32 (-2.4% YoY)
→ Prices remain slightly below last year, continuing a mild downward trend despite recent stability
Average Days on Market: 42 (-10.6% YoY)
→ Homes are selling significantly faster than last year, indicating improved buyer activity
30-Year Mortgage Rate: 6.44%
→ Rates increased this month, which could begin to impact affordability and slow demand
🏘️ Rental Market
Active Listings: 129 (-11% YoY)
→ Rental inventory has declined, continuing a trend of tightening supply
Median Rented $/SF: $1.32 (-2.2% YoY)
→ Rents increased month-over-month but are still slightly below last year’s levels
Median Days on Market: 28 (+33.3% YoY)
→ Rentals are taking longer to lease than last year, suggesting renters are being more selective
📉 Key Takeaways
- Sales inventory has tightened after earlier increases this year
- Home prices remain slightly below last year but are relatively stable
- Homes are selling faster, showing stronger buyer activity
- Rental supply continues to shrink, though leasing times have slowed
- Rising mortgage rates could influence both buyer and renter decisions
👉 Overall:
Gilbert’s market is showing a shift toward stabilization with faster home sales and tightening inventory. While pricing remains slightly below last year, demand appears to be holding steady. The rental market is becoming more constrained, though longer leasing times suggest some hesitation among renters. As mortgage rates rise, affordability will continue to shape market activity through the spring season.