March 4, 2024 | Real Estate News

Local Market Update For February 2024

As we transition into the spring season, the real estate markets for Burlington, Oakville, and Hamilton are heating up with renewed vigour. For February, we witnessed notable increases in both freehold and condo sales and prices, signalling a promising trajectory for the region. This shift in momentum speaks volumes about the resilience of these markets and hints at a robust resurgence in activity. With sales and pricing on the rise, homeowners and investors alike can anticipate a flourishing market environment filled with opportunities.

Burlington:

Burlington’s freehold properties command an average sale price of $1,357,669, showcasing a steady year-over-year increase of 4%. These properties experience high demand, with an average of just 25 days on the market.
In contrast, the average sale price for condos Burlington is $770,552, with a slightly lower year-over-year price increase of 2.89%. Despite this, condos are still in demand, evidenced by an average of 32 days on the market.

Oakville:

Oakville’s freehold properties boast one of the highest average sale prices in the region, at $2,107,094, with a significant year-over-year price increase of 12.87%. These properties are highly sought-after, with homes spending an average of just 22 days on the market.
Conversely, condos in Oakville have experienced a notable decline in prices, with a year-over-year decrease of -18.80%. However, condos are still selling within a reasonable timeframe, averaging 31 days on the market.

Hamilton:

Hamilton’s freehold properties offer a more affordable option compared to Oakville and Burlington, with an average sale price of $841,729. However, there has been a slight year-over-year decrease of -1.51% in property prices. Despite this, homes remain on the market for an average of 32 days.
Similarly, Hamilton’s condo prices have remained relatively stable, with a modest year-over-year price increase of 0.83%. Condos in Hamilton also spend an average of 42 days on the market, indicating a balanced market environment.

Here’s a breakdown of the freehold and condo statistics for Burlington, Oakville and Hamilton in January 2024: