2024 Year-End Recap: Real Estate Insights for Durham Region
As we approach the end of 2024, it's an ideal time to reflect into the real estate trends that have sculpted the landscape of Durham Region. With its unique mix of urban conveniences and rural tranquility, Durham Region has navigated a dynamic year in real estate. Here's your comprehensive guide to the market statistics and trends that have marked this year:
Durham Region Market Overview
From Oshawa to Clarington and up to Port Perry and Scugog, Durham Region has witnessed a vibrant real estate scene with unique trends for both buyers and sellers:
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Average Sale Price: The average home price in Durham Region dipped slightly this year, settling at around $923,521, a 2.2% decrease from last year's $944,667. Prices vary widely across different property types and cities within the region.
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Sales Volume: Sales transactions saw an increase of 5.3%, with 7,875 homes sold compared to 7,477 in 2023, suggesting a sustained interest in purchasing despite the softening prices.
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Inventory Levels: There's been a notable 16.6% rise in listings, with 17,074 properties available in 2024 against 14,646 the previous year. This increase signals a move towards a more balanced market, providing more choices for potential buyers.
Durham Region Market by Property Type
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Detached Houses: These continue to be the market's mainstay, with a strong demand anticipated into 2025, appealing to a broad range of buyer demographics.
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Townhouses and Condos: Townhouses saw an average price of about $852,000 in April, offering a more accessible entry point into homeownership. Condos, averaging $560,000, have been particularly sought after in urban-centric areas.
Durham Regional Highlights
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Oshawa: Experiencing growth, Oshawa's market showed a moderate uptick in home prices, reaching $780,061 by September, driven by both residential and investment interests.
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Whitby and Ajax: These locales have solidified their status as community-focused areas, attracting families and individuals looking for a blend of lifestyle and convenience.
Durham Region Market Dynamics and Outlook for 2025
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Interest Rates and Buyer Sentiment: Changes in mortgage policies, like higher caps for insured mortgages and longer amortization periods, are set to empower buyers, potentially boosting market activity.
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Forecast for 2025: Experts anticipate a balanced market with a possible 5% rise in average prices and a 15% increase in sales volume. Inventory is expected to grow modestly, preserving market health.
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Challenges and Opportunities: With more listings, buyers might find more negotiating power, but sellers will need to be savvy with pricing strategies. Durham Region's development projects present promising investment opportunities.
Conclusion
Durham Region's real estate market in 2024 has navigated a path of equilibrium, with price adjustments reflecting broader economic trends. Looking ahead to 2025, the area continues to draw diverse buyer groups, underpinned by ongoing development and supportive housing finance policies.
For those eyeing the Durham real estate market - whether to buy, sell, or invest - staying updated and leveraging local expertise will be crucial. The landscape is always changing, and Durham remains a hotspot for real estate growth in Ontario.
Matt Phillips is a Low Commission Realtor Serving the entire Durham Region for over 20 years. Inlcuding Oshawa, North Oshawa, Whitby, Courtice, Bowmanville, Clarington, Port Perry And all of Scugog, Ajax and Pickering. Information for Real Estate Assistance: For personalized advice or to explore real estate opportunities in Durham Region, feel free to reach out:
Low 1% Commission Realtor Century 21
Matt Phillips
Low Commission Real Estate Agent
Century 21 Wenda Allen Realty
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