The average sale price in the Durham Region housing market has decreased by two per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $953,000 in 2023 to $934,000 in 2024).
The number of sales has decreased slightly by 0.6 per cent during the same period (from 5,801 in 2023 to 5,767 in 2024), while the number of listings has increased by 20.8 per cent (from 10,100 homes listed for sale in 2023 to 12,200 in 2024).
Looking ahed to the fall market, the average sale price across all property types in the Durham Region housing market are expected to increase by one per cent for the remainder of 2024, while the number of sales could increase by 1.5 per cent.
The housing market in Durham Region is currently balanced, but trending toward a buyer’s market for fall as more listings become available. Lower interest rates are expected to help more buyers enter the market in the months ahead.
On September 4, the Bank of Canada will share its next interest rate announcement. In the event of a rate cut, buyer confidence and affordability in the Durham market will likely improve as more buyers will be able to qualify for a mortgage based on the stress test, and overall face less pressure to meet higher mortgage payments.
While Durham currently has adequate supply for buyers who qualify, affordable housing continues to be a top priority for buyers wanting to enter the market.
blog.remax.ca
blog.remax.ca
Durham Region 2024 Fall
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