March 4, 2024 | Local Market
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 Local Market Update: Burlington, Oakville & Hamilton
As we move into spring, the local market across Burlington, Oakville, and Hamilton is heating up with renewed momentum. In February, both freehold and condo sales and prices saw notable increases, signalling a promising trajectory for the region. Overall, this shift speaks to the resilience of the local market and hints at a robust resurgence in activity. With sales and pricing on the rise, homeowners and investors alike can expect a flourishing local market environment filled with opportunities. According to the Canadian Real Estate Association, national trends are showing a similar spring uptick this year.
Local Market in Burlington
Burlington’s freehold properties command an average sale price of $1,357,669. This reflects a steady year-over-year increase of 4%. In fact, these properties see high demand in the local market, spending an average of just 25 days on the market.
By comparison, the average sale price for Burlington condos is $770,552, with a slightly lower year-over-year increase of 2.89%. Still, condos remain in demand in this local market, averaging 32 days on the market.
Local Market in Oakville
Oakville’s freehold properties boast one of the highest average sale prices in the local market, at $2,107,094. This marks a significant year-over-year increase of 12.87%. As a result, these homes are highly sought-after, spending an average of just 22 days on the market.
On the other hand, Oakville condos have seen a notable price decline in the local market, down 18.80% year-over-year. However, condos are still selling within a reasonable timeframe, averaging 31 days on the market.
Local Market in Hamilton
Hamilton’s freehold properties offer a more affordable option in the local market compared to Oakville and Burlington, with an average sale price of $841,729. That said, prices dipped slightly, down 1.51% year-over-year. Despite this, homes remain on the market for an average of 32 days.
Similarly, Hamilton condo prices have stayed relatively stable in the local market, with a modest 0.83% year-over-year increase. Condos in Hamilton spend an average of 42 days on the market, pointing to a balanced local market overall.
Here’s a full breakdown of the freehold and condo statistics for Burlington, Oakville, and Hamilton this season.
Burlington’s freehold properties average $1,357,669, a 4% year-over-year increase, with homes spending just 25 days on the market. Condos average $770,552, up 2.89% year-over-year.
Oakville’s freehold prices are up 12.87% year-over-year to $2,107,094, while condo prices are down 18.80% year-over-year, showing a split trend between property types.
Hamilton’s freehold properties average $841,729, down 1.51% year-over-year, while condos average a modest 0.83% increase, making it the most affordable of the three local markets.
Days on market range from 22 days for Oakville freeholds to 42 days for Hamilton condos, reflecting differences in demand across each local market.
With sales and pricing trending upward across most segments, spring is shaping up to be an active season for both buyers and sellers in Burlington, Oakville, and Hamilton.
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