September 2025

September 2025 delivered something Hamilton’s real estate market had not seen in several months — a year-over-year increase in sales. With 475 transactions recorded, September was up 7.2% from September 2024, making it one of the few genuinely positive monthly comparisons of the year. But the headline number needs context. Sales were still over 26% below long-term trends for September, new listings rose alongside sales, and inventory continued to climb. The benchmark price held steady month-over-month while remaining 9% below last year’s levels.

September’s data is best read as a pause in the correction rather than a reversal of it — and the neighbourhood-level data tells a more nuanced story than the city-wide average.

September 2025 at a Glance — The Key Numbers

Hamilton recorded 475 total residential sales in September 2025, up 7.2% from September 2024. New listings came in at 1,392 — up 2.2% year over year — while total inventory sat at 2,487 active listings, up 13.7% from the same month last year. The sales-to-new-listings ratio was 34%, and months of supply reached 5.24 — up 6.1% year over year and firmly in buyer’s market territory.

The average residential sale price in September was $775,745, down 4.8% from September 2024. The median sale price was $700,000, down 4.1%. Homes sat on the market for an average of 40 days — up 7.6% year over year. The unadjusted benchmark price held at $703,700 — essentially flat month-over-month, but 9% below September 2024 levels.

The year-to-date picture through September showed 4,420 total sales — down 7.5% from the same period in 2024 — with an average year-to-date price of $783,507, down 3.2%.

September’s Sales Increase — What It Actually Means

The 7.2% year-over-year sales increase in September deserves specific context before it gets misread as a market turning point.

September 2024 was itself a soft month — so the year-over-year comparison is partly a function of a weak base rather than a surge in buyer demand. Sales were still 26% below the long-term average for September, meaning the structural softness that has characterised Hamilton’s market throughout 2025 remained firmly in place. New listings also rose 2.2% year over year in September, which is why inventory continued to climb despite the uptick in sales. When supply and demand both increase simultaneously, the overall balance of the market does not improve for sellers.

What September does signal is that buyer interest at current price levels is not absent — it is simply selective and patient. Well-priced homes in desirable locations continued to attract attention. The homes that are not moving are the ones priced above what buyers see as fair value in the current environment.

September 2025 by Property Type

The property type breakdown in September showed meaningful divergence across categories.

Detached homes led the September recovery — 332 sales, up 14.9% year over year, with an average price of $856,025, down 6.7%, and a median of $766,250. The benchmark price for detached homes was $769,100, down 8% year over year. Months of supply for detached homes at 4.66 was the tightest reading of any residential category in September, suggesting relatively better balance in this segment than the overall market figures imply.

Semi-detached homes showed an even stronger sales increase — up 26.3% year over year, though the absolute volume of 24 sales means this percentage is statistically volatile. Average price was $569,417, down 12.8%. The benchmark came in at $698,400, down 6% year over year — the most resilient benchmark decline of any category in September.

Row homes continued to face pressure — sales down 16.5%, average price $650,483 down 2.2%, benchmark $610,800 down 7%. Months of supply at 5.57 reflects the ongoing inventory overhang in the townhouse segment that has persisted through most of 2025.

Apartment-style condos recorded 37 sales — up just 2.8% year over year — with an average price of $473,470, down 3.3%, and a benchmark of $409,800, down 11% year over year. At 9.86 months of supply, the condo segment remained the most challenged category in September. The median sale price for apartments was $400,000 — down 14% year over year — a figure that reflects just how significantly the correction has run in this segment.

Benchmark Prices by Property Type — September 2025

The benchmark price data provides the most reliable apples-to-apples comparison of where values sit for a typical home in each category.

Detached homes: $769,100, down 8% year over year.

Semi-detached homes: $698,400, down 6% year over year — the smallest year-over-year benchmark decline of any category in September, and a consistent pattern throughout 2025 where semi-detached homes have held their value better than other non-detached property types.

Row homes: $610,800, down 7% year over year.

Apartments and condos: $409,800, down 11% year over year. The apartment benchmark has now been down double digits year over year for several consecutive months, reflecting the accumulated effect of elevated inventory and reduced investor demand in Hamilton’s condo segment.

What the Numbers Look Like by Neighbourhood

September’s district data contains some of the most interesting neighbourhood-level stories of the year — including one that stands out significantly.

Ancaster recorded an average sale price of $1,193,642 in September — up 15.7% year over year — on 45 sales, which were themselves up 25% year over year. The combination of higher volume and higher prices in the same month is unusual given the broader market context and reflects concentrated activity at the upper end of Ancaster’s detached home inventory. The full-year Ancaster average of $1,151,858 is down 2.7% — a more reliable indicator of the underlying trend.

Hamilton Mountain recorded 136 sales in September — up 30.8% year over year — with an average of $708,659 and months of supply at 4.10. The Mountain was one of the most active and relatively balanced districts in September, and the year-to-date average of $715,913 is down just 3.9% from 2024.

Dundas remained the tightest market in Hamilton with just 4.10 months of supply in September and a sales-to-new-listings ratio of 43%. The average price of $997,571 was essentially flat year over year, and the full-year Dundas average of $982,439 is actually up 5.5% year over year — making Dundas one of the only Hamilton districts to show year-to-date price appreciation in 2025.

Hamilton West reported the highest months of supply of any district at 8.80 — nearly nine months — reflecting the most buyer-favourable conditions in the city. Average price was $715,270, down 7.1% year over year.

Stoney Creek recorded 61 sales — essentially flat year over year — with an average price of $813,956, unchanged from September 2024 at 0.0% year over year. This is a notable data point: Stoney Creek was one of the few Hamilton districts where prices held flat rather than declining in September.

Hamilton Centre averaged $451,274 on 66 sales — up 24.5% in volume year over year — though the average price was down 20.9%, reflecting the composition of what sold in the Centre that month rather than a structural price collapse.

What This Means for Hamilton Buyers

For buyers, September 2025 reinforces the opportunity that has been building throughout the year. Even with the uptick in sales, months of supply at 5.24 overall — and nearly 10 months in the apartment segment — means buyers retain significant leverage across most property categories and most neighbourhoods.

The $600,000 to $799,999 bracket continued to dominate September sales volume — the most active price range in Hamilton for the seventh consecutive month — which is where most detached inventory on the Mountain and in Stoney Creek is concentrated. The under-$500,000 segment remained active, reflecting the affordability opportunities in the condo and entry-level row home segment.

The detached segment in Dundas, Waterdown, and Hamilton Mountain showed the tightest conditions in September. Buyers targeting well-located detached homes in these areas should be moving with pre-approval in hand — inventory is lower and competition is more real in these specific pockets than the city-wide data suggests.

Browse current MLS listings across Hamilton, Ancaster, Stoney Creek, and Burlington to see what current pricing looks like in the neighbourhoods that interest you.

What This Means for Hamilton Sellers

For sellers, September’s data carries a cautiously mixed message. The uptick in sales is real — but it came with a corresponding rise in new listings and inventory, which means the competitive environment for sellers did not meaningfully improve. Months of supply at 5.24 still firmly favours buyers.

The districts that showed the most seller-friendly conditions in September were Dundas (4.10 months of supply, prices essentially flat year over year), Hamilton Mountain (4.10 months of supply, strong sales volume), and Hamilton Centre (months of supply at 4.62 despite thin pricing). Sellers in these areas with well-priced homes are operating in the most receptive environment Hamilton’s current market offers.

Sellers in Hamilton West (8.80 months of supply), Stoney Creek (6.62 months), and the condo segment broadly are in a more challenging position and need to price based on current comparable sales — not 2023 or 2024 figures.

Frank’s free home evaluation gives you a current read on what your specific home would realistically sell for right now, based on what has actually sold near you in the past 60 days.

Looking Ahead — What September Sets Up for Fall 2025

September’s year-over-year sales increase is an encouraging data point, but it would need to be sustained over multiple months — and accompanied by meaningfully lower inventory — to signal a genuine market shift. October and November will provide the next read on whether September was the beginning of a trend or a one-month anomaly driven by a weak year-ago comparison.

The key variables heading into fall: whether the Bank of Canada’s rate decisions through Q4 2025 provide additional relief to buyers sitting on the sidelines; whether new listing volumes continue to rise or begin to moderate as the seasonal listing window closes; and whether the condo segment — still the most distressed category with nearly 10 months of supply — begins to attract renewed buyer interest as prices in that segment have now corrected over 11% year over year.

For anyone thinking about a fall 2025 transaction, September’s data confirms that Hamilton remains a market where preparation, accurate pricing, and local knowledge are the factors that determine outcomes — not the broader headline numbers.

Frank Lombardo covers Hamilton, Ancaster, Stoney Creek, Burlington and the surrounding area. If you have questions about what September’s numbers mean for your specific neighbourhood or property, reach out directly.

Call or text: 905-730-2747