Gilbert Arizona is named after William Gilbert. But what does that have to do with the real estate market in Arizona?
We’ll tell you.
William Gilbert owned land that he allowed the Arizona Eastern Railway to use. In what is now Gilbert, a rail siding was established. The Railway used his land, and its passengers bought his crops.
This development on William Gilbert’s property brought customers right to his door. Sound familiar?
The Gilbert AZ real estate market is one of the most consistently thriving investment locations. But most other locations are heating up as a reaction to the pandemic.
Gilbert AZ is one of the few cities with anticipated market growth before the pandemic. And after you learn about the city’s origin, it starts to make sense why.
But we all want concrete numbers. Don’t worry, we have them. Keep reading to learn why you should invest in Gilbert AZ real estate.
Arizona Makes Most "Top Market" Lists
Gilbert AZ is in Maricopa County. This county is one of the United States’ largest counties. It’s approximately 9,222 square miles with a population of 4.485 million. It includes these cities:
In April 2021, the Gilbert AZ apartments ranked #2 on Apartment Guide’s biggest YoY rent increase.
Mesa AZ directly intersects with Gilbert AZ. And in May 2021, Mesa AZ made Apartment Guide’s list at #3.
What Are the Qualifications for Best Real Estate Markets?
When “best market” lists are made, the criteria can differ.
But there are a few things that most resources usually consider. Those factors are a city’s average YoY of the following:
- Days on market
- Listing price
- Sale price
- One-bedroom apartment rates
- Amount of homes listed and sold
How does Gilbert AZ stand up? We’ll list Gilbert’s numbers in comparison with the national average.
Median List Prices
+ 23.7% YoY
Nationwide average: $380k
+ 15.0% YoY
Days on Market
Gilbert: 35 days
Consistent with last year
Nationwide average: 39 days
- 45% YoY
One-Bedroom Rent Prices
Gilbert: + 26.0% YoY
Nationwide average: +4.4 YoY
The average days on market are still lower than the national average even with a 45% decrease. That number proves our next point: this Arizona market has shown long-term prosperity.
Long-Term Growth Sustains the Gilbert AZ Real Estate Market
We mentioned that many Arizona cities ranked on the highest growth lists this year. But that isn’t a new quality of this market.
Gilbert AZ and surrounding cities displayed sustainable growth throughout the past several years. From the beginning of 2017 to 2020 these two Arizona rental markets were on top-ten lists:
- Mesa AZ apartment prices grew +25.5%
- Chandler AZ repeatedly ranked in the top ten
And this was before the pandemic. Now consider the post-pandemic real estate market spikes. This shows that Gilbert AZ and other Maricopa County real estate markets likely haven’t hit their peak.
These markets will continue to appreciate. Gilbert AZ isn’t an isolated market. Its surrounding areas maintain and contribute to its appreciation.
Gilbert AZ Has Lower Taxes and a Better Economy
We know that real estate markets fluctuate with the economy. And Gilbert’s well-rounded economy is reliable. That adds more value to rental investing in Gilbert.
Here are the numbers in comparison to the national averages.
National average: 6.0%
Gilbert: $31,546 per year
National average: $28,555
Medium Household Income
Gilbert: $81,485 per year
National average: $81,485 per year
Lower Property Tax
Gilbert ranks 13th on the lowest property tax in the united states. The effective property tax in Gilbert, AZ is approximately 0.66%.
Desirable Day-to-Day Life in Gilbert
In 2019, Gilbert was top-rated for family life, safety, and livability.
The climate is subtropical. You don’t need too many coats. The Phoenix Suns beat the Lakers in the playoffs this year. And you definitely don’t have to worry about hurricanes.
Gilbert's Workforce Makes it a Dependable Real Estate Investment
Gilbert is Arizona’s sixth-largest municipality.
Like its real estate market, growth in other areas has happened steadily over the long term. Here are the numbers:
- Gilbert’s 2019 population is over 240,000 people
- The population grew around 50,000 people in the last five years
With population growth comes industry growth. But for a town to have a great economy, they need the right industries to grow.
And reliable industries are growing in this part of Arizona.
Gilbert started out as an agriculture-focused economy. But it’s rapidly grown into a suburban center with a diverse economy. Here are the major industries in Gilbert AZ:
- Bio-Technology and Life Science
- Business Services
- Aerospace and Aviation
- Clean Technology and Energy
- Finance and Insurance
So don’t let the low property tax scare you into worrying about their education system. Their school district is Gilbert’s largest employer. And their second-largest employer is a healthcare company.
Should You Invest in Gilbert AZ?
Ultimately, it’s up to you. The real estate market thrives in many areas right now. But most of them haven’t displayed long-term growth like Gilbert.
The Gilbert, AZ real estate market is stable, reliable, and profitable. It has all the right parts to be a great real estate investment that will only get better. Arizona real estate market statistics prove that property investing is dependable throughout Maricopa County.
But what if you don’t live there? Don’t worry, we have the answer for that too. Check out this page to learn how you can invest in Gilbert, AZ real estate from wherever you live.