February 6, 2024 | Market Reports

Local Market Update For January 2024

This January, the average price for freehold residential properties increased by +5.7% in Burlington, +23.1% in Oakville, and +6.7% in Hamilton vs. January of 2023. It should be noted that freehold home sales growth outperformed condos in Oakville (Freehold +23%, Condo -24%) and Hamilton significantly. Although overall pricing has remained relatively steady, fluctuations have been observed depending on the region and property category. Our local market has experienced stable home prices due to the region’s tighter market conditions, and generally low inventory.

Year-over-year inventory increases were largely balanced out by sales gains, resulting in a relatively stable supply situation compared to the previous year.

Burlington

Burlington’s residential average sale price was $1.15 million, which was a 5.7% price increase compared to January 2023. The average number of days on the market was 22.

Oakville

In January, Oakville’s residential real estate saw a price increase of 23.1% from January 2023 with an average sale price of $1.89 million. Homes in Oakville stayed on the market for an average of 44 days.

Hamilton

The average sale price for residential real estate in Hamilton for January 2024 was $854,251, which is a 6.7% price increase from January 2023. These properties in Hamilton stayed on the market for an average of 48 days before selling.

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