Milton's Real Estate Landscape December 2024
December 2024 Real Estate Update: Milton Area Insights
As we wrap up 2024, it’s clear that the Milton housing market experienced a transformative year. While the landscape was marked by affordability challenges and economic shifts, there were also signs of resilience and optimism. Here's a closer look at the highlights of Milton’s real estate performance last year.
Steady Sales and Increased Inventory
2024 saw a modest rise in annual home sales, with 1,676 properties sold compared to 1,515 in 2023. New listings also increased significantly, reaching 3,735 – a sharp uptick from 3,012 the previous year. This influx of inventory gave buyers more options, helping to moderate price growth and maintain a balanced market.
Interest Rates: A Defining Factor
For much of 2024, high borrowing costs posed significant challenges for prospective buyers. Elevated interest rates limited affordability, keeping sales below historical averages. However, the tide began to turn in the latter half of the year when the Bank of Canada implemented two substantial back-to-back rate cuts.
“Further rate cuts in 2025, coupled with home prices remaining below their historic peaks, should create more favourable market conditions in the months ahead,” said TRREB President Elechia Barry-Sproule.
Detached Homes
December 2024
New Listings: 36
Average Sales Price: $1,309,217
Number Sold: 41
Days on Market: 41
Semi-detached Homes
December 2024
New Listings: 7
Average Sales Price: $990,500
Number Sold: 6
Days on Market: 30
Townhomes
December 2024
New Listings: 24
Average Sales Price: $912,450
Number Sold: 20
Days on Market: 18
Condo Townhomes
December 2024
New Listings: 13
Average Sales Price: $717,500
Number Sold: 5
Days on Market: 42
Pricing Trends: A Mixed Bag
The average home price in Milton in 2024 was $1,071,395, representing a slight dip from 2023’s average of $1,082,549. While ground-oriented housing, such as detached and semi-detached homes, showed price stability due to tighter market conditions, condo apartments experienced more significant price declines.
A Tale of Two Market Segments
Market performance in 2024 varied widely by housing type. Single-family home sales saw an increase, driven by those seeking more spacious living options. In contrast, condo sales dipped, reflecting a challenging environment for first-time buyers.
“Many potential first-time buyers sat on the sidelines, awaiting further interest rate relief in 2025. This impacted the more affordable condo segment disproportionately,” noted TRREB Chief Market Analyst Jason Mercer.
Spotlight on December 2024
The month of December capped the year with 82 home sales in Milton, slightly down from the same period in 2023. However, new listings continued to rise, maintaining a well-supplied market. Notably, the average selling price in December, $1,068,920, showed a modest increase, reflecting the ongoing demand for quality housing in the region.
Looking Ahead to 2025
The year ahead promises further shifts, as monetary policies, consumer sentiment, and government initiatives play pivotal roles in shaping the real estate market. "Government policies addressing housing supply, affordability, and congestion will be key areas to watch in 2025," said TRREB CEO John DiMichele.
Despite challenges, Milton’s real estate market demonstrated resilience in 2024, offering both opportunities and lessons for buyers, sellers, and policymakers. With a hopeful eye toward 2025, the stage is set for a dynamic year ahead.
At Flowers Team Real Estate, we are dedicated to helping our clients navigate Milton’s vibrant real estate market with confidence. In a constantly changing real estate landscape, staying informed is essential for making smart decisions. Whether you're a first-time homebuyer, a real estate investor, or preparing to sell, our team provides the expertise and personalized support you need to achieve your real estate goals.
Contact Flowers Team Real Estate at [email protected] for expert guidance and insights into the Milton real estate market. Let us help you make your next move seamless, informed, and rewarding.
Disclaimer: Data and insights are based on TRREB's statistics for December 2024. Real estate market conditions can vary, so consult a professional real estate agent for advice tailored to your unique needs.
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