The Impact of Gilbert’s Growth on Property Values
Over the past few years, Gilbert, Arizona, has been on a steady rise. Once known for its farming community roots, Gilbert has transformed into one of the most desirable places to live in the Phoenix metropolitan area. With its growing economy, family-friendly atmosphere, and continuous development, Gilbert's rapid growth is having a significant impact on property values. But what does this mean for current homeowners, potential buyers, and those looking to sell?
In this blog, we'll dive into how Gilbert’s expansion is shaping the real estate market, what buyers and sellers can expect, and why now might be the perfect time to invest in this community.
1. Population Growth Driving Demand
Gilbert’s population has exploded over the past two decades. According to the U.S. Census, Gilbert’s population grew from around 29,000 in 1990 to over 270,000 in 2023, making it one of the fastest-growing cities in the country. This rapid population growth has fueled the demand for housing, pushing property values up significantly.
Many new residents are attracted to Gilbert for its high-ranking schools, safe neighborhoods, and access to amenities like parks, dining, and shopping. As a result, the influx of buyers—ranging from young families to professionals—is driving competition for homes, leading to higher prices and faster sales.
2. Development Boom: A Double-Edged Sword
With growth comes development, and Gilbert is certainly no stranger to new projects. From new residential subdivisions to commercial hubs like the SanTan Village shopping area, the town is quickly expanding. This development is bringing more jobs, better infrastructure, and increased property values as demand for housing continues to rise.
However, the development boom is a double-edged sword. On one hand, new homes and amenities are making Gilbert more attractive to buyers. On the other hand, rising home prices can make it challenging for some buyers to enter the market, especially first-time homebuyers who are competing in a market where supply is often outstripped by demand.
3. Home Prices: What Buyers and Sellers Can Expect
The growth of Gilbert is having a direct impact on home prices. According to recent data, the median home price in Gilbert has increased significantly over the past few years, with current estimates placing it at over $550,000 as of mid-2024. This is a sharp rise compared to prices just five years ago when the median was around $400,000.
For sellers, this presents an excellent opportunity to capitalize on the appreciation of their property. Homes are selling quickly and often at or above asking price, especially in sought-after neighborhoods. However, buyers will need to act fast and be prepared for competition in this tight market.
As Gilbert continues to grow, we expect home prices to remain strong, though the rate of growth may slow as more inventory becomes available through new construction. For now, both buyers and sellers can expect a competitive market where pricing your home right or making a competitive offer is key.
4. The Impact of Infrastructure and Transportation
One of the key factors in Gilbert’s ongoing development is its infrastructure and transportation improvements. With new roads, public transit options, and freeway expansions like the Loop 202 Santan Freeway, commuting to nearby cities like Phoenix and Chandler has become more convenient. This improved connectivity is making Gilbert an even more attractive place to live, contributing to rising property values.
The town’s investment in infrastructure is also paving the way for more commercial and residential projects, ensuring that Gilbert remains a hotspot for growth in the years to come. As transportation continues to improve, we expect the demand for housing in Gilbert’s outer areas to rise, which will likely lead to further increases in property values.
5. What the Future Holds: Long-Term Trends
While Gilbert’s current growth spurt is driving property values up, what does the future hold? Experts predict that Gilbert will continue to thrive, with more businesses, educational institutions, and recreational spaces planned. As more people move to the area for its quality of life, we expect demand for homes to remain strong.
However, with that demand comes the challenge of affordability. As Gilbert continues to attract new residents, housing affordability could become a concern. For buyers, this means acting sooner rather than later to secure a home before prices climb even higher. For sellers, this is a great opportunity to maximize the return on investment.
Conclusion: Is Now the Right Time to Buy or Sell in Gilbert?
Whether you’re a buyer or seller, Gilbert’s rapid growth presents both opportunities and challenges. For sellers, the strong demand and rising property values mean that you can potentially sell your home quickly and for a premium price. For buyers, acting now might be key to locking in a home before prices rise further.
As real estate professionals with deep roots in the Gilbert community, we’ve witnessed firsthand how the town has grown and evolved. If you’re considering buying or selling a home in Gilbert, our husband-and-wife team is here to guide you through the process. Let’s navigate Gilbert’s booming real estate market together!
-Jenna & Dylan
Marsh Real Estate