📊 Hamilton Market Update – December 2024 📊
Hamilton, ON (January 7, 2025) – The real estate market in 2024 faced challenges due to higher interest rates and ongoing economic uncertainty. While the spring season saw slower sales, the easing of interest rates later in the year helped spark some recovery. Total sales for 2024 reached 10,210, slightly above 2023 levels but still 26% below long-term averages.
“With interest rates trending downward, more buyers are stepping off the sidelines, eager to make a move while there’s still a healthy selection of homes available. Although the rebound has been gradual, improving rates have reignited buyer confidence,” says Nicolas von Bredow, spokesperson for the Hamilton-Burlington market.
Despite rising sales, inventory levels grew throughout the year, with over 3,000 units available for most of 2024. Supply increased across all property types and price ranges, including more affordable options, giving buyers a wider variety of choices.
While home prices remained under pressure due to higher supply, it’s important to consider the context. The price declines we’ve seen over the past couple of years follow the pandemic highs. Even with a slight 1% drop in 2024, the average benchmark price remains consistent with 2021 levels and is 9% higher than the 2020 average benchmark price of $651,425.
Looking ahead, as rates continue to ease, we expect to see further positive movement in the market. Stay tuned for more updates and insights!