Gilbert, AZ—85233
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gilbert, AZ
As of Nov '25, the median home price in Gilbert, AZ is $515,000, with a year-over-year change of -3.0%. This indicates that home prices in Gilbert, AZ are decreasing. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $515,000 | -3.0% |
| Single Family | $520,000 | -2.8% |
| Condos | $348,000 | 0.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $361,000 | -4.0% |
3 Bed | $468,000 | -3.1% |
4 Bed | $583,000 | -2.5% |
| 5 Bed | $714,153 | -1.8% |
% of Housing Stock
Rental Trends — Gilbert, AZ
As of July '25, Rentcast reports the average rent in Gilbert, AZ is $2,730, with a year-over-year rent change of 12.3%. Per bedroom, the median rent as of July '25 in Gilbert, AZ is studios: $1,500, 1-bedrooms: $1,320, 2-bedrooms: $2,450, 3-bedrooms: $2,400, 4-bedrooms: $3,120. The most common rental property sizes in Gilbert, AZ are 3-bedroom and 2-bedroom, accounting for 35.9% and 29.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,730 |
| Studio Rent | $1,440 | $1,500 |
| 1 Bed Rent | $1,320 | $1,320 |
| 2 Bed Rent | $1,900 | $2,450 |
| 3 Bed Rent | $2,300 | $2,400 |
| 4 Bed Rent | $2,950 | $3,120 |
% of Rental Stock
Property Listings — Gilbert, AZ
As of Nov '25, Realtor.com reports that the median days on market for a home in Gilbert, AZ is 50. This is a increase of 8.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 44.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $550,000 | -3.0% |
Listing Count | 100 | -14.0% |
| Listings as % of Homes | 0.6% | -14.0% |
Days on Market | 50 | 8.0% |
Demographics — Gilbert, AZ
As of the latest ACS Survey released in 2023, Gilbert, AZ has a population of 37,800, which has increased by 7.2% over the past 5 years. Gilbert, AZ is a moderately popular place for families, as children make up 23.1% of the population. The area has a moderately educated workforce, with 42.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 37,800 | 7.2% |
% Under 18 | 23.1% | -2.9% |
% Seniors | 14.7% | 41.3% |
% WFH | 21.2% | 241.9% |
% w/ College Degree | 42.9% | 1.9% |
As of the latest ACS Survey released in 2023, Gilbert, AZ is a predominantly white area, with 61.6% of the population identifying as white. The white population has shrunk by 7.6% in the last 5 years. The second most common race or ethnicity in Gilbert, AZ is hispanic, making up 18.2% of the population. Foreign-born residents account for 13.9% of the population in Gilbert, AZ, and this percentage has increased by 32.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 61.6% | -7.6% |
% Black | 4.4% | 63.0% |
% Hispanic | 18.2% | -9.0% |
% Asian | 10.3% | 45.1% |
% Foreign Born | 13.9% | 32.4% |
Mortgage and Risk — Gilbert, AZ
According to HUD data as of 2023, there were 701 mortgage originations in Gilbert, AZ, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Gilbert, AZ. Investor activity is low, as 3.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 701 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 15.0% |
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 | 19 |
Total Units Section 8 | 19 |
% 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 | $770 | $1,320 | $2,090 |
| 2 Bedroom | $530 | $1,900 | $2,430 |
| 3 Bedroom | $970 | $2,300 | $3,270 |
| 4 Bedroom | $710 | $2,950 | $3,660 |
Affordability — Gilbert, AZ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.9 |
| Median Home Price | $515,000 |
| Median Household Income | $105,000 |