Gilroy, CA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Gilroy, CA Housing Market Trends

With 59,032 people, 16,126 houses or apartments, and a median cost of homes of $708,253, real estate costs in Gilroy are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.

Single-family detached homes are the single most common housing type in Gilroy, accounting for 67.56% of the city's housing units. Other types of housing that are prevalent in Gilroy include large apartment complexes or high rise apartments ( 15.79%), duplexes, homes converted to apartments or other small apartment buildings ( 7.44%), and a few row houses and other attached homes ( 5.76%).

The most prevalent building size and type in Gilroy are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.02% owning and 38.98% renting.

There is a lot of housing in Gilroy built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Gilroy built between 2000 and later ( 25.92%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.60%). There's also some housing in Gilroy built before 1939 ( 5.25%).

Gilroy Home Appreciation Rates

In the last 10 years, Gilroy has experienced some of the highest home appreciation rates of any community in the nation. Gilroy real estate appreciated 95.94% over the last ten years, which is an average annual home appreciation rate of 6.96%, putting Gilroy in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Gilroy definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Gilroy appreciation rates have trailed the rest of the nation. In the last twelve months, Gilroy's appreciation rate has been 2.76%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Gilroy were at 0.33%, which equates to an annual appreciation rate of 1.34%.

Notably, Gilroy's appreciation rate in the latest quarter is one of the lowest in America.

Relative to California, our data show that Gilroy's latest annual appreciation rate is lower than 80% of the other cities and towns in California.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Gilroy differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Gilroy - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Gilroy real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$708,253

Gilroy, CA HOME PRICES

> $1,130,000
6.9%
6.9%
$848,001 - $1,130,000
20.9%
20.9%
$565,001 - $848,000
47.5%
47.5%
$452,001 - $565,000
10.2%
10.2%
$339,001 - $452,000
5.1%
5.1%
$226,001 - $339,000
4.0%
4.0%
$113,001 - $226,000
1.9%
1.9%
$57,001 - $113,000
1.3%
1.3%
$0 - $57,000
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for CA

Value Relative To Nation

Number Of Homes And Apartments:
16,126

Gilroy Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
80.20% 2.81%
1
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,877 / per month

Homeownership Rate

Owners
61.0%
61.0%
Renters
39.0%
39.0%
Vacant
2.9%
2.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
25.9%
25.9%
1970 - 1999
54.2%
54.2%
1940 - 1969
14.6%
14.6%
1939 or Older
5.3%
5.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
67.6%
67.6%
Townhomes
5.8%
5.8%
Small Apt. Buildings
7.4%
7.4%
Apt. Complexes
15.8%
15.8%
Mobile Homes
3.4%
3.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.5%
1.5%
1 Bedroom
6.7%
6.7%
2 Bedrooms
20.5%
20.5%
3 Bedrooms
32.9%
32.9%
4 Bedrooms
29.6%
29.6%
5 or more bedrooms
8.9%
8.9%
0.0% 100.0%
% OF HOMES