The average sale price in the Windsor housing market has increased by one per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $567,709 in 2023 to $573,525 in 2024).
The number of sales decreased by 1.2 per cent during the same time period (from 3,603 in 2023 to 3,561 in 2024). Meanwhile, the number of listings increased by 11.8 per cent (from 7,995 in 2023 to 8,935 in 2024).
Average sales prices across all property types are anticipated to increase between one and two per cent through the remainder of 2024, while the number of sales is likely to increase between three and four per cent.
The Windsor housing market currently skews to seller’s/balanced conditions, and this is expected to continue in the fall. There has been a notable increase in inventory, yet affordable homes remain in short supply. As a result, homes in the low to average price range remain competitive and commonly receive multiple offers. Listings have increased as upcoming mortgage renewals motivate sellers to reconsider their mortgage terms or, in some cases, explore downsizing.
The biggest factors contributing to the housing shortage in this region:
• Not enough new listings
• Not enough new construction
• Current mortgage rates are making new construction unviable for most builders
On September 4, the Bank of Canada will share its next interest rate announcement. If another rate cut is announced, market activity will likely increase in Windsor, which has already experienced a gradual uptick in activity over the past few months. Both buyers and sellers will likely be encouraged to participate in the market through the fall and winter.
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Windsor 2024 Fall
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