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GILBERT HOUSING MARKET INFORMATION
With a population of 242,354, 74,216 total housing units (homes and apartments), and a median house value of $356,695, Gilbert house prices are not only among the most expensive in Arizona, Gilbert real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Gilbert, accounting for 86.11% of the town’s housing units. Other types of housing that are prevalent in Gilbert include large apartment complexes or high rise apartments ( 9.51%), row houses and other attached homes ( 2.62%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.27%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Gilbert. Owner-occupied housing accounts for 71.98% of Gilbert’s homes, and 71.30% have either three or four bedrooms, which is average sized relative to America.
Gilbert homes and real estate are some of the newest in America. 53.43% of Gilbert’s housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Gilbert real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 45.17%), and between 1940-1969 ( 1.15%).
GILBERT HOME APPRECIATION RATES
In the last 10 years, Gilbert has experienced some of the highest home appreciation rates of any community in the nation. Gilbert real estate appreciated 40.66% over the last ten years, which is an average annual home appreciation rate of 3.47%, putting Gilbert in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Gilbert definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Gilbert that despite a nationwide downturn in the housing market, Gilbert real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Gilbert appreciation rates continue to be some of the highest in America, at 7.73%, which is higher than appreciation rates in 80.30% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Gilbert. Gilbert appreciation rates in the latest quarter were at 1.36%, which equates to an annual appreciation rate of 5.56%.
Relative to Arizona, our data show that Gilbert’s latest annual appreciation rate is lower than 60% of the other cities and towns in Arizona.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Gilbert differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Gilbert – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Gilbert real estate investment or home purchase decisions.
Information provided by: https://www.neighborhoodscout.com/az/gilbert/real-estate