Oakville Market Watch: Real Estate Market Update – September 2024
Oakville Market Watch: Real Estate Update September 2024
As we move into September, the Oakville real estate market remains active, with a few key trends shaping the landscape. Here’s a breakdown of what’s happening in Oakville:
Market Overview
- Average Home Price: The average price for a home in Oakville has reached $1.75 million, holding steady as both buyers and sellers adjust to the current market conditions. This figure reflects a stable demand across various property types, from detached homes to townhomes.
- Inventory Levels: There’s been a 6% increase in inventory compared to last month, offering buyers more options. While some areas remain competitive, the additional listings have helped to balance supply and demand.
- Days on Market: Homes are averaging about 28 days on the market, a slight increase from August, signaling a more cautious approach from buyers as interest rates remain steady.
Key Market Trends
- Luxury Homes: Oakville’s luxury market continues to thrive, with properties priced over $3 million seeing consistent activity. High-end buyers, especially those relocating from Toronto, are drawn to Oakville’s waterfront estates and prestigious neighborhoods such as Morrison and Old Oakville.
- Condo Market: Condo sales have been more moderate, with an average price of $750,000. Demand for condos is primarily driven by downsizers and first-time buyers, though the market remains slower compared to detached homes.
- Buyer Behavior: Many buyers are adopting a wait-and-see approach, particularly with potential changes in interest rates looming. However, motivated buyers are still finding opportunities in Oakville’s market.
Neighborhood Spotlight: Joshua Creek
Joshua Creek continues to be a sought-after area, with homes averaging $1.9 million. Proximity to top-rated schools and the convenience of easy highway access make this neighborhood a favorite among families and professionals. Oakville Market Watch: Real Estate Update September 2024 highlights Joshua Creek as a key area to watch for continued growth.
What to Expect Moving Forward
As we enter the fall market, Oakville Market Watch: Real Estate Update September 2024 suggests that prices will likely remain steady, with slight fluctuations depending on neighborhood demand and property type. Buyers may find more negotiating power, particularly with homes that have been on the market for longer periods.
If you’re planning to buy or sell in Oakville, now is a great time to act, as the market is expected to shift again by year-end. Stay tuned for more insights in future Oakville Market Watch updates!
*Stats from Toronto Regional Real Estate Board (TRREB)
Have any questions about the Oakville Real Estate Market? Contact Realtor Sean Findlay at 905-450-8300 or Fill The Form Below!