The median and average price of homes sold in Gilbert last month fell year over year as closed sales soared in the dame time period.
Data from Phoenix Realtors, the Valley’s largest association of real estate professionals, showed that the median price of the 278 single-family homes that sold last month was $572,500 – a 7.7% decline from September 2024 – while the average sale price fell by virtually the same percentage to $642,377.
Nonetheless, sellers received 98.1% of their asking price – virtually the same as their counterparts did a year earlier – though the homes lingered on the market a third longer than they did in September 2024.
Valley-wide, Phoenix Realtors said, “Closed sales climbed more than 10%, new listings rose, and inventory expanded, signaling renewed momentum in the market.”
But the Gilbert market didn’t follow a part of that trend.
While the town’s inventory rose 11.8% year-over-year to a current 730 homes for sale, pending sales and new listings fell in that 12-month period.
Pending sales dropped 19% year over year while the 263 new listings in September represented a 16.5% decline from a year earlier, according to Phoenix Realtors data.
“Closed sales were comfortably up last month compared to September last year,” said Phoenix Realtors Board President Christy Walker. “While this is an encouraging sign, the rebound we saw in September may slow this month as higher interest rates and the ongoing government shutdown weigh on activity.”
The Phoenix metro region also showed a slight year-over-year increase in the median price, though that $480,000 price was well below the Gilbert median for September.
“With only a few months left in 2025, we’ve seen great progress from 2024’s market, even with the challenges we may see in the next month or so,” Walker said.
“We’re optimistic that the market will continue to regain its footing and balance out as we head into 2026.”
The Cromford Report, a leading analyst of the Valley housing market, ranked Gilbert as the fifth seller-friendliest among the 18 submarkets in the region that it monitors closely.
But it suggested that across the Valley, sellers are still having trouble getting as much as they think their home is worth.
“The primary reason for these trends is that supply is moving higher,” it said earlier this month. “Demand is also improving but at a painfully slow pace so far. If we get the usual seasonal pattern for supply, we should see it reach a top in mid-November and then sellers can enjoy six weeks of declining competition.
“It is harder to predict demand as it tends to be driven by a lot of different factors, some of which are emotional rather than financial. At the moment, overall demand is about 20% below normal but it could easily move in either direction from here.”
It also offered a stunning observation driven by the high number of seven- and eight-figure homes that have sold in recent months: In dollar volume, Scottsdale for the first time exceeded the total value of sold homes in Phoenix.
“Although fewer than half as many homes have sold in Scottsdale, they are more than twice as expensive on average and the total dollar volume is” over $6 trillion, the Cromford Report said.
“It is not really necessary to point out that luxury home buyers are different from typical home buyers who make up the vast bulk of our market,” it added. “These luxury buyers tend to focus their sights exclusively on Scottsdale and Paradise Valley (with perhaps a sidelong glance at Fountain Hills, Carefree and Cave Creek) plus the Arcadia and Biltmore areas of Phoenix.
“There may be luxury homes elsewhere, but out-of-state buyers rarely find them because they don’t really look outside the Northeast Valley. Despite having Arcadia and the Biltmore district, Phoenix is no longer the largest housing market in Arizona, measured by dollar volume.”
