October 2022 Real Estate Market Update

 

 

While median sales prices have dropped $80K since the peak of the market in May, it’s still up 4.81% over October 2021.

On average, homes in Gilbert are selling for 2% less than list price.

Sellers are now paying a portion of the buyer’s closing costs in 41.5% of transactions in Gilbert, up from just 10% in April.

The average time on market before going under contract is now 53 days. This might sound shocking compared to 19 days back in May, but 53 days on market was the norm for the last 6 years prior to the pandemic.

With many homes still having positive equity there has been no significant movement in foreclosures. We are still well below pre-pandemic levels in Maricopa County.