Residential Real Estate Market Report October 2024

The Hamilton Real Estate Market in October 2024 improved over last month and last year's levels for the second consecutive month. Even though October Sales are still slower than long-term trends for the month, this respresents a significant improvement. With one more Bank of Canada Rate Announcement left this year on December 11th, and after the larger cut in the most recent announcment, Buyers seem to be much more optomistic that Mortgage Rates will continue to decline. The overall year-to-date average price (including all property types throughout the Hamilton-Burlington areas) has gone up sightly, by 1.4% since this time last year. (For specific area average prices, please see chart below).

Sales in October throughout the Hamilton-Burlington Real Estate Board reached 916 units, which is up 35.9% from last year for the same month. Listings, however, decreased slightly, by 0.2% which means the current inventory now sits at 3.8 months which is lower than last month when there was 5.1 months of inventory. With this months Higher Sales + Lower Listings, we see a change from a Buyers Market to a Balanced Market. This will be happy news for potential Sellers if things continue in this direction. For Buyers that have been waiting on the sidelines to see what happens, there is still enough inventory for them to take advantage of type of market, especially with the decrease in the Mortgage Rates.

October 2024 had 1,938 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (now known as Cornerstone), down 0.2% over the same month last year. Hamilton had 1,193 of those, down 4.4% from 2023, and Burlington's share was 434 up 8.8% from October last year.

The overall average price for residential properties increased this month from last month ($872,566) to $881,240, which is up 4.7% from last year for October. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 536 up 27.6% from October 2023, with an average price of $821,512 up 5.3% from the same month last year, and also up from last month which was $816,579. Burlington had 213 Sales which is up 51.1% from last year, with an average price of $1,078,084 which is down 6.2% from October 2023, and also down from last month's average of $1,140,226. For Year-To-Date Average Prices please see the charts below.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 2,180 Active Residential Listings up 15% over October 2023, however, this is lower than last month, now giving Hamilton 4.1 months of supply compared to 5.4 months supply in September 2024. Burlington has also decreased from last month and now has 638 Active Residential Listings up 18.6% over October 2023, giving it 3 months of supply compared to 4.35 last month. Overall, the number of Active Listings Available in the entire area covered by The Hamilton Burlington Real Estate Board (Cornerstone) at the end of the month now sits at 2,180 properties for sale, which is 4.1 months supply, compared to 3,107 and 4.6 months of supply in October 2023, and 3,931 properties for sale with 5.1 months of supply last month in September 2024. The average days on the market is still up from last year, going from 26 to 36 days year over year, however dropped slightly from last month (38 days), to sell a home in Hamilton. In Burlington it went up from 24 to 28 days year over year and like Hamilton, it went down from last month (36 days).

The Hamilton-Burlington Area is now experiencing a Balanced Market Status, where the ratio of Homes Sold to Homes Listed falls between 40% and 60%, currently sitting at the 47% (4.7 homes sold for every 10 listed), up from last month which was 33% which is a Buyers Market. 

Year-to-date Average Prices For Hamilton

The map below shows the current Year-To-Date Average Residential Prices. When looking at the Average Prices in and around Hamilton, it is important to note how they have changed significantly over the last year and even now from month to month. If you are thinking of selling your house or condominium, get the most up-to-date. Here are a few other areas that are not listed on the map below.

Burlington - $1,132,513 - Down

Flamborough - $1,300,602 - Up

Waterdown - $993,541 - Down

Grimsby - $882,412 - Up

Caledonia - $785,675 - Down

Cayuga - $856,429 - Up

Dunnville - $626,810 - Up

Note that the “Average Sale Price" is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value.” What that means is, that not every house or condo has increased in price by the same percentage. It is really important to talk to an experienced local REALTOR® to see EXACTLY what is happening in your particular neighbourhood. It is also important to find out what you can do to your house to get the highest amount possible when you are ready to sell!

In this Market, it is important that you know about the houses getting listed immediately! Click Here to get set up on the Instant Listings Notification Search, otherwise, you will only know about listings once they are reported to the public sites. If you wait till you see it on Realtor.ca or other sites, it's too late, and is probably already SOLD!

MLS® Property Listings October 2024

Note: Numbers of sales represent sales reports on properties listed on the Multiple Listing Service (MLS®) of the REALTORS® Association of Hamilton-Burlington. The average price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.