the Hamilton-Burlington real estate market is improved by the end of December 2024 Price growth moderated in 2024, signaling a positive shift for homebuyers
Hamilton, ON (November 4, 2024)—The higher interest rate environment and economic uncertainty weighed on December 2024 Market Stats. Slower sales throughout the spring season offset the improvements that occurred later in the year as interest rates eased. Sales in 2024 totaled 10,210, slightly above 2023 levels but 26 percent below long-term trends.
At the same time, we continued to see more new listings coming onto the market, resulting in inventory gains. Over 3,000 units were available throughout the majority of the year. Supply improved across all property types and most price ranges, including lower-priced products.
“As interest rates have begun to trend downward, some homebuyers are taking advantage of the opportunity to enter the market while there is still a good selection of homes available. Although the pace of return has been gradual, the improving rates have sparked renewed interest, and many potential purchasers are starting to feel more confident in making their move”
– Nicolas von Bredow, Cornerstone spokesperson for the HamiltonBurlington market area.
However, price adjustments should be put in perspective as the declines over the past few years have been relative to the pandemic high. Even with a nearly one percent decline in 2024, on an annual basis, the average benchmark price is still consistent with levels seen in 2021 and nine percent higher than the 2020 average yearly benchmark price of $651,425.
Sales in 2024 were below long-term trends across every area in the Hamilton region. However, within the city of Hamilton, there was a pickup in sales in both Hamilton East and Hamilton Mountain, causing months of supply to average below three months in those areas. While this is higher than last year, it is lower than the approximately four months reported in Hamilton Centre and Hamilton West. Meanwhile, activity outside the city improved across all areas except Stoney Creek and Glanbrook, which reported a modest decline in sales.
December2024 MARKET REPORT BY PROPERTY TYPE
Detached and row-style properties account for the majority of sales in the area. Overall sales levels improved slightly for the year thanks to gains in the Detached and Row sectors offsetting larger declines in smaller Semi-Detached and Apartment sectors. The apartment condominium sector reported a pullback in sales relative to inventory levels, causing the months of supply to average nearly six months in 2024. The excess supply drove almost four per cent annual price declines for apartment-style homes, the only sector to report a relatively significant decline.
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