Gilbert, AZ—85234
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gilbert, AZ
As of Oct '25, the median home price in Gilbert, AZ is $546,000, with a year-over-year change of -2.4%. This indicates that home prices in Gilbert, AZ are decreasing. According to Zillow, the 1-year price projection is 0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $546,000 | -2.4% |
| Single Family | $551,000 | -2.1% |
| Condos | $293,000 | -2.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $329,000 | -2.1% |
3 Bed | $469,000 | -2.9% |
4 Bed | $589,000 | -1.8% |
| 5 Bed | $770,000 | 0.0% |
% of Housing Stock
Rental Trends — Gilbert, AZ
As of July '25, Rentcast reports the average rent in Gilbert, AZ is $2,770, with a year-over-year rent change of 1.8%. Per bedroom, the median rent as of July '25 in Gilbert, AZ is 1-bedrooms: $1,310, 2-bedrooms: $1,940, 3-bedrooms: $2,840, 4-bedrooms: $3,070. The most common rental property sizes in Gilbert, AZ are 3-bedroom and 2-bedroom, accounting for 33.1% and 30.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,480 | $2,770 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,330 | $1,310 |
| 2 Bed Rent | $1,800 | $1,940 |
| 3 Bed Rent | $2,400 | $2,840 |
| 4 Bed Rent | $2,750 | $3,070 |
% of Rental Stock
Property Listings — Gilbert, AZ
As of Oct '25, Realtor.com reports that the median days on market for a home in Gilbert, AZ is 55. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 42.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $576,000 | -8.0% |
Listing Count | 144 | 10.0% |
| Listings as % of Homes | 0.7% | 10.0% |
Days on Market | 55 | 0.0% |
Demographics — Gilbert, AZ
As of the latest ACS Survey released in 2023, Gilbert, AZ has a population of 49,000, which has decreased by -1.7% over the past 5 years. Gilbert, AZ is a popular place for families, as children make up 26.1% of the population. The area has a highly educated workforce, with 45.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 49,000 | -1.7% |
% Under 18 | 26.1% | -9.4% |
% Seniors | 11.7% | 17.0% |
% WFH | 22.2% | 188.3% |
% w/ College Degree | 45.9% | 14.2% |
As of the latest ACS Survey released in 2023, Gilbert, AZ is a predominantly white area, with 69.0% of the population identifying as white. The white population has shrunk by 3.1% in the last 5 years. The second most common race or ethnicity in Gilbert, AZ is hispanic, making up 19.3% of the population. Foreign-born residents account for 9.1% of the population in Gilbert, AZ, and this percentage has decreased by 1.1% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 69.0% | -3.1% |
% Black | 2.3% | -11.5% |
% Hispanic | 19.3% | 9.7% |
% Asian | 4.6% | -2.1% |
% Foreign Born | 9.1% | -1.1% |
Mortgage and Risk — Gilbert, AZ
According to HUD data as of 2023, there were 478 mortgage originations in Gilbert, AZ, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Gilbert, AZ. Investor activity is low, as 4.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 478 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Gilbert, AZ
As of 2024, the percent of homes in Gilbert, AZ under the Section 8 program is 0.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Gilbert, AZ, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 15 |
Total Units Section 8 | 15 |
% Rentals under Section 8 | 0.4% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $720 | $1,330 | $2,050 |
| 2 Bedroom | $580 | $1,800 | $2,380 |
| 3 Bedroom | $800 | $2,400 | $3,200 |
| 4 Bedroom | $830 | $2,750 | $3,580 |
Affordability — Gilbert, AZ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $546,000 |
| Median Household Income | $118,000 |