Gilbert, AZ Real Estate Market Update: November 2024

As we dive into the end of the year, the real estate market in Gilbert, AZ, shows significant shifts compared to the same time last year. Whether you're a buyer, seller, or investor, understanding these trends is crucial for making informed decisions.

Key Highlights from November 2024:

Active Listings: A 59% Surge

The number of active listings in Gilbert increased dramatically, climbing to 625 from 393 in November 2023. This significant jump reflects a more robust inventory, offering buyers more options but also potentially increasing competition for sellers.

Sold Listings: A Steady Climb

Sold listings saw a 14.4% increase, reaching 206 compared to 180 in the previous year. This uptick highlights continued buyer interest in the Gilbert market despite changes in other metrics.

Months of Supply: Rising by 39%

The months of supply rose to 3.03 from 2.18—a 39% increase. While still within a balanced market range, this metric suggests that properties may take longer to sell compared to the previous year.

Median Price Per Square Foot: A Modest Dip

The median sale price per square foot experienced a slight decrease, dropping 1.7% to $278.42 from $283.11 in November 2023. This small decline might offer opportunities for buyers to enter the market at more favorable prices.

Median Days on Market: Up by Nearly 60%

Homes in Gilbert spent an average of 49 days on the market, a 59.7% increase from the 31 days seen last year. This metric indicates a slower pace in transactions, giving buyers more time to consider their options but potentially challenging sellers looking for a quick sale.

What Do These Numbers Mean for You?

• For Sellers: The rise in active listings and days on the market means that pricing your home competitively and ensuring it stands out is more important than ever.

• For Buyers: With increased inventory and a slight dip in price per square foot, now could be a good time to explore your options and negotiate favorable terms.

• For Investors: Understanding these trends can help you identify opportunities for long-term growth, especially as the market continues to evolve.

Gilbert remains one of the East Valley's most desirable locations, with its growing inventory and competitive pricing. Whether you're looking to buy, sell, or invest, staying informed about the market is the first step toward success.