Gilbert ranks as the fifth best residential real estate market in the U.S. and the third best among mid-sized municipalities, according to WalletHub. The firm looked home price appreciation and values as well as number of foreclosures, delinquent loans, and other indicators.
That tight market was one of the factors that made Gilbert the fifth-best real estate market in the country in an Aug. 25 WalletHub ranking. Gilbert was one of five Valley cities in the top 25, followed by Peoria at 17th, Surprise at 20th, Tempe in 23rd place and Chandler in 24th.
The ranking was based largely on market strength, measured by average time to sale, median home price appreciation and foreclosure rates, among other factors. It also considered “affordability and economic environment” factors such as unemployment and health care infrastructure.
William Gray, former president and CEO of the Arizona School of Real Estate and Business, said the homebuying market has “been going gangbusters” since the beginning of the summer.
“We’re seeing more people buy homes today than we have seen in years,” said Gray, a professor at Arizona State University’s W. P. Carey School of business.
Demand is high across the U.S., but the market is particularly tight in Arizona because large numbers of people continue to move into the state, Gray said.