In July 2024, 560 homes were sold through the MLS® System of the Niagara Association of REALTORS® (NAR), marking a slight decline of 2.6% compared to July 2023. Home sales were significantly below both the five-year (19.7%) and 10-year (23.4%) averages for July.
Year-to-date, 4,052 homes were sold, nearly unchanged from the same period in 2023, with a minor drop of 0.9%
NAR President Nathan Morrissette noted that while home sales have stalled, new listings reached their highest July level in over 30 years. With inventories at a decade high, the market is fluctuating between a buyer's and balanced territory. However, moderating interest rates are expected to encourage more buyers.
The MLS® Home Price Index (HPI) composite benchmark price for July 2024 was $646,900, down 3.3% year-over-year. Single-family homes had a benchmark price of $662,000, townhouses $618,700, and apartments $445,500, with slight decreases across the board
Key Points:
Average July 2024 Sale Price $693,095 (down 3.4% from July 2023)
Year-to-date average price: $695,208, (down 1.4% from 2023)
All home Sales: $388.1 million, (5.9% drop from July 2023)
- New residential listings (up arrow icon)
3.6%; 1,477 listings—the highest July total in over 30 years
- Active Listings (up arrow icon)
27.9% year-over-year; 3,165 units
- Months of Inventory (up arrow icon)
5.7, up from 4.3 in July 2023, reflecting a slower market
Originally published on Reveal Niagara Business Magazine – August Edition
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