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Gilbert AZ Market Report | October 2022

Gilbert, Arizona real estate market report for October 2022. Watch the Arizona Market Report twice a month for an in-depth look at the Phoenix Valley real estate market as a whole.

Gilbert Market Report

Welcome to the October 2022 Gilbert, Arizona Market Report. Gilbert is considered to be in the East Valley and has a population of 273,136. The average home price in the month of October for Gilbert was $628,061, down $12,029 from the previous month of September. The average lease price per square foot in Gilbert listed on the MLS was $1.30 in October, up from $1.28 in September, showing that rent prices are holding firm and have yet to decline in the Gilbert area.

The total number of Gilbert homes sold in October was 238, down 89 sales from 327 in September. This has also been a common theme throughout the valley and is consistent with the time of year.

It took homes in Gilbert an average of 53 days to go under contract in October, which is 6 days longer than it took in September, at 47 days. As you can see from the chart, Gilbert has stayed relatively consistent from January 2021 through July 2022. August is really when we see the trend shifting upward, as it is a common theme throughout the valley.

Gilbert is in line with the rest of the valley and has joined the Buyer’s Market Club. With a $628k average sales price, Gilbert, Arizona, is ranked among the higher tier and one the more expensive cities in the Phoenix Metro. This lines up with historical trends while considering Gilbert’s prime location in the fast-growing East Valley.

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