All You Need to Know About Gilbert Real Estate Market in 2021

Real estate markets across the US have been crazy since the pandemic. With low inventories and high demand, a seller’s market is predominantly present in the country, even in markets like Gilbert, Arizona. A result is an overwhelming number of offers for Gilbert sellers and buyers struggling to win the highly competitive bid wars. So, in 2021, as life starts to reach a form of normalcy, what does the real estate market in Arizona town? Let’s take a look. 

A quick look at the Gilbert real estate in 2021

  • Home prices were 30.5% more than last year in July 2021
  • A house takes around 19 days (on average) to sells once listed
  • The median sale price of Gilbert houses are $502, 500
  • In July 2021, 452 homes were sold—26.5% less than last year
  • Average homes sold 4% over the asking price, while hot homes sold 8% over the asking price
  • 65.5% of homes were sold over the asking price

A weakening seller’s market

Gilbert has been and still is a competitive seller’s market. This means there are fewer homes on sale than there are buyers. The reason for this is the limited inventory. Since the Great Recession, the real estate development sector slowed down between 2009 and 2015, paving the way for shortages faced today. 

Today, Gilbert homes are sold at least 1-4% over the asking price, some even paying over $10, 000 above the asking price. Sellers, who are getting an overwhelming amount of offers, are asking potential buyers to forgo calling in a home inspector in Gilbert and any other contingencies. 

However, the trends from the last few months show that the strong seller’s market may be weakening with the median days on the market going up to 19 days from 12 and 16 days. The reason is buyer’s fatigue over having to indulge in bidding wars. The trend, however, doesn’t mean the real estate market in the city is going to favor the buyers. 

Prices of the houses will still remain higher, with the increased demand, but the house sale will begin resembling the traditional process with home inspections and appraisals. Since the supply is likely not to meet the demand for housing in the city, the market will remain a seller’s market, albeit a slightly weakened one. Thus, it is a good time for sellers.  

Conclusion

The Gilbert housing market in 2021 is not very different from last year—it’s still a competitive seller’s market. However, the latest trends suggest that the strength of the market may be waning due to buyer’s fatigue. That said, the market still very much favors the sellers with higher demand and sale prices, but it will become more balanced in the upcoming months. 

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