Hamilton Market Watch: Real Estate Housing Update September 2024
Hamilton Market Watch: Real Estate Housing Update September 2024
As we enter September 2024, Hamilton’s real estate market shows a balanced performance, offering opportunities for both buyers and sellers. Here’s an overview of what’s happening across the city.
Hamilton Market Overview
- Average Home Price: The average price for a home in Hamilton is currently $760,000, reflecting a 1.5% increase from August. This moderate price rise indicates ongoing demand, especially in more affordable neighborhoods. Hamilton Market Watch: Real Estate Housing Update September 2024 highlights that despite these increases, the market remains accessible to a range of buyers.
- Inventory: There has been a 5% increase in listings, giving buyers more choices in both the detached and condo markets. This rise in inventory is softening competition slightly, making it easier for buyers to find homes without entering bidding wars.
- Days on Market: Homes in Hamilton are currently averaging 19 days on the market, a slight uptick from the previous months but still relatively quick for the region.
Key Market Trends
- Affordable Housing: Hamilton continues to attract first-time buyers due to its relatively affordable home prices compared to the GTA. Hamilton Market Watch: Real Estate Housing Update September 2024 points out that areas such as East Hamilton and Crown Point are seeing increased activity, with home prices remaining below the city average.
- Luxury Market: Higher-end homes in neighborhoods like Ancaster and Dundas remain in demand, with prices surpassing $1.4 million. Buyers in this segment are looking for properties with large lot sizes, premium finishes, and proximity to nature, making these neighborhoods prime targets for affluent homebuyers.
- Condo Market: The condo market in Hamilton is holding steady, with average prices around $450,000. This segment is attracting both young professionals and retirees looking for low-maintenance living. However, Hamilton Market Watch: Real Estate Housing Update September 2024 notes that sellers need to remain competitive with pricing due to increased condo listings.
Hamilton Neighborhood Spotlight: Westdale
Westdale has emerged as a thriving area for both families and investors. With its proximity to McMaster University and charming neighborhood feel, homes here average around $800,000. Properties in this area tend to sell quickly due to high demand for rental properties and family homes.
Looking Ahead
As we move into the fall market, Hamilton Market Watch: Real Estate Housing Update September 2024 forecasts steady price growth, with the market remaining favorable for both buyers and sellers. While inventory levels are rising, homes that are well-priced and move-in ready will continue to sell quickly.
Whether you’re buying or selling in Hamilton, the market remains vibrant, with a variety of opportunities depending on your goals.
*Stats from Toronto Regional Real Estate Board (TRREB)
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