Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Gilroy | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,232,620 | $642,203 | $242,182 |
| Price Trend (Annual %) | 11.1% | 10.0% | 8.2% |
| Median Gross Rent | $2,199 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gilroy is about 92% higher than in California. Rent is about 12% higher than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Gilroy, up about 11.1% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Gilroy rose about 59.9% between 2015 and 2023, from $1,375 to $2,199. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 10.1 yearly household incomes in Gilroy.
Buying the median-priced home in Gilroy costs roughly 46.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gilroy. The price-to-rent ratio in California is about 27.4.
| Metric | Gilroy | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,232,620 | $642,203 | $242,182 |
| Median Household Income | $121,578 | $96,718 | $78,145 |
| Price-to-Income Ratio | 10.1 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gilroy rose about 84.6%, while median household income rose about 101.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Gilroy | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.8% | 51.6% | 58.2% |
| Rental Rate | 40.0% | 40.9% | 31.3% |
| Vacancy Rate | 5.2% | 7.6% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Gilroy has a homeownership rate of 54.8%, higher than the California average of 51.6%. Its housing vacancy rate is 5.2%, compared with 7.6% in California.
Housing Stock
| Metric | Gilroy | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.48 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1983 | 1975 | 1978 |
| Median Number of Rooms | 5.8 | 5.0 | 5.5 |
The typical housing unit in Gilroy was built around 1983. On average, 3.5 people live in a home with about 5.8 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gilroy, California.
What is the median home price in Gilroy, California?
The median home price in Gilroy, California is $1,232,620, higher than the California average of $642,203.
What is the average home price in Gilroy, California?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Gilroy, California?
The median gross rent in Gilroy, California is $2,199 per month, higher than the California average of $1,955.
What was the median gross rent in Gilroy in 2020?
In 2020, the median gross rent in Gilroy, California was $1,863 per month.
What is the price-to-rent ratio in Gilroy, California?
The price-to-rent ratio in Gilroy, California is about 46.7, meaning it would take roughly 46.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gilroy.
Are home prices or rent rising faster in Gilroy, California?
Both home prices and rent are rising in Gilroy, up about 11.1% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gilroy, California?
54.8% of households in Gilroy, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Gilroy, California?
The housing vacancy rate in Gilroy, California is 5.2%, lower than the California average of 7.6%.