$311,800 is Gilbert, Arizona’s median house worth. In the last year, 7.4 percent is the increase in house values in Gilbert. It has been predicted that home values are to increase 2.8 percent in 2018.
$153 is Gilbert’s per square foot list median cost. This is the same per square foot list average cost of the Metro Area of Phoenix.
For Gilbert houses now listed, $330,000 is the median cost. Of houses that have sold in Gilbert, $310,000 is the median cost.
$1,500 is the rent cost median in Gilbert, Arizona. The Metro Phoenix area has a $1,400 median rent cost.
For the next few years, it is expected that foreclosures are to be a factor having an impact on the worth of houses. Fortunately for Gilbert, it has a very low foreclosure rate of 0.3 for every 10,000 houses.
The Metro Area of Phoenix has a higher foreclosure rate of 0.5 for every 10,000 houses, and nationally the foreclosure rate for houses is quite high in comparison at 1.6 for every 10,000 houses.
There is a first step that home owners experience if they go through foreclosure. It is being delinquent on their mortgage. What is mortgage delinquency? It is when a home owner misses a payment on their house.
Gilbert has 0.6% of its houses being delinquent on its mortgages. The nation as a whole has a 1.6 percent mortgage delinquency rate, which is much higher than Gilbert’s.
As a result of the real estate recession that started late 2007, greater than twenty percent of Untied States homes fell in value. As a result quite a few house owners are experiencing being underwater when it comes to their home mortgages.
What does being underwater mean? It means that a real estate owner owes more on their mortgage than the value of the house. 10.3 percent of Gilbert’s owners of houses are experiencing their house mortgages being underwater. The Phoenix Metro area has a higher percentage of houses being underwater. It’s 10.6 percent.