The average sale price of a single-family house in Gilbert has increased 69% in two years and while home prices likely will continue to rise, mortgage rates and an apparent cooling in demand may spell trouble ahead for sellers, a leading Valley housing analyst said last week.
Gilbert was not alone in seeing such a staggering increase in average sale prices among 17 Valley cities that the Cromford Report routinely monitors: 12 of the 17 cities saw the average sale price jump by at least 60% between the 17th week of 2020 and the 17th week of 2022. The average sale price of a Gilbert home rose from $413,047 to $696,128 in that time, it said.
Valley-wide, the Cromford Report reported that over the past six weeks, “active listi...