Housing Market Status in Gilroy and Its Surrounding Areas

Dated: November 30 2021

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With its tons of uncertainties and intricacies, the real estate market can be tough to decipher at times. Ever the smartest and most experienced of minds can find themselves baffled when it comes to catching up with the quick trends of the region. However, to invest, it is always crucial to do a fair share of research. This quick guide will elaborate on all the housing market trends in Gilroy and its surrounding areas.

With its tons of uncertainties and intricacies, the real estate market can be tough to decipher at times. Ever the smartest and most experienced of minds can find themselves baffled when it comes to catching up with the quick trends of the region. However, to invest, it is always crucial to do a fair share of research. This quick guide will elaborate on all the housing market trends in Gilroy and its surrounding areas.

Both owned and rental homes have seen a spike in demand over the last couple of years. The chart below shows the data provided by the Survey. In this chart, it is already visible that the number of rental homes in Gilroy has been steadily moderate. These are currently occupied housing units that have been termed as rental units. Hence, it is a clear indication of individuals milling over to Gilroy and living in rented apartments.

Similarly, the demand for owned houses is high, which explains the rise in the prices mentioned above. Take a look at this chart elaborated down below. The data obtained by the 2020 American Community Survey indicates that more than 50% of the housing units occupied and located in Gilroy are owned homes.

Neighboring areas such as Las Animas, Miller Avenue, Sunrise Park, and Lions Creek, etc., are also more or less facing the same trends with the owned and rental houses and the price hikes.

Increased Inventory

According to local news avenues, it was reported that there is an increase I the housing inventory in Gilroy as well as in surrounding areas. This provides buyers with tons of options to pick from and makes their search easier. There are different types of properties available. One can find new housing developments that tend to be more expensive, while there are condos and townhouses perfect for young families.

Demand for Gilroy Properties

The prices have been high for quite some time now. Even after the high prices, it doesn't seem like the people are backing off. Buyers in the region of Gilroy and the surrounding areas are also interested in the properties and are willing to pay high prices. This is a clear indication of the heightened demand for properties in this region. A perfect situation for sellers, the inventory available in Gilroy can be sold without any hassle as buyers are willing to pay exorbitant amounts for the desired location and house.

As a result of this heightened demand, various homes in the region receive multiple offers. Sellers in Gilroy have the authority and the options available to decide who they want to sell to. However, on the other hand, buyers seem to be in quite a desperate situation as the competition is tough and houses available are in limited quantity.

To put a clearer idea of the demand for Gilroy houses, one can understand better from the fact that whatever the listing price seems to be, the house usually gets sold for about 5% higher. This is because tough competition and bidding wars are going on. The process is usually pretty quick, and the properties are said to go into a pending mode in around 2 weeks or so. This may vary for much more desirable homes as they can be sold for even 10% than the stated listing price.

Predictions for Future Buyers

Different types of preputial are being sold in Gilroy. From condos to townhomes and single-family homes, each and every property out there is getting snatched up pretty quickly. Families arriving for schooling can find themselves in comfort in this region with tons of highly-acclaimed schools here and there. Even though the prices of the homes have been steadily increasing in the past couple of years, Gilroy and its neighboring areas are still deemed affordable.

According to a local news reporting page, the median value price for a three-bedroom and two-bathroom single-family home is around $700,000. For parents with kids under them, this is thought of as a pretty good deal keeping in mind that there are houses in other Silicon Valley communities selling for a price as high as $1 million and sometimes even more than that.

"The home prices in Gilroy and its surrounding areas have jumped high in the past few years, with the surge slowing down, yet not coming back to the original prices – what's there not to explore about this housing market?", says Sharad Gupta, the Founding Member of Your Home Sold Guaranteed Realty.

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Sharad Gupta

Real Estate Sales Leader with over 15 years of diversified experience in real estate sales, property development, and business consulting. With a keen eye to spot real estate opportunities and a natur....

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