Gilbert, AZ Real Estate Market Statistics – December 2024

The Gilbert, Arizona real estate market showed notable trends in December 2024. Here's a breakdown of the key market statistics and what they mean for buyers, sellers, and investors:

Active Listings: Up 48.4%

The number of active listings increased significantly compared to the previous year. This rise suggests more inventory is available, providing buyers with more options and potentially slowing down the rapid price increases of recent years.

Sold Listings: Up 22.0%

The uptick in sold listings indicates strong demand in the market. Despite increasing inventory, homes continue to sell at a brisk pace, signaling that buyers remain highly motivated.

Months of Supply: Up 21.6%

The months of supply rose to 2.37 from 1.95, reflecting a market that is gradually balancing. While still favoring sellers, this increase suggests a slight shift toward equilibrium, making it slightly easier for buyers to find suitable homes.

Median Sale Price per Square Foot: Down 0.1%

The median sale price per square foot decreased marginally to $284.45. While this change is minimal, it could indicate a plateau in home prices, potentially giving buyers more negotiating power.

Median Days on Market: Up 20.0%

Homes are taking slightly longer to sell, with the median days on market rising to 54 days from 45. This could be attributed to increased inventory, providing buyers with more time to make decisions.

Insights and Takeaways:

1. For Buyers: The increase in active listings and longer days on market are good news. There’s less pressure to act quickly, and buyers may find better opportunities to negotiate favorable terms.

2. For Sellers: While demand remains strong, the higher inventory and slower price growth mean it’s more important than ever to price homes competitively and ensure they are market-ready.

3. For Investors: The slight dip in price per square foot and higher inventory may present opportunities for long-term investments, especially in a market like Gilbert, which continues to attract residents due to its high quality of life.

   
   

The Gilbert real estate market is evolving, with more balance between buyers and sellers. Whether you're considering buying, selling, or investing, these statistics offer valuable insights to guide your decisions in the coming months.