Real Estate Market Analysis for May 2024

by CENTURY 21 United Realty Inc. Brokerage

The real estate market in Peterborough, Ontario, has been experiencing notable changes, reflecting broader trends in the housing market. Understanding these shifts can provide valuable insights for buyers, sellers, and investors looking to navigate the local real estate landscape. Here’s a comprehensive analysis of the latest statistics and what they mean for the Peterborough market.

Market Overview: May 2024 vs. May 2023

Average Number of Sales
- May 2024: 114
- May 2023: 117
- Year-over-Year Change: -2.6%
The slight decline in the average number of sales, from 117 in May 2023 to 114 in May 2024, indicates a modest cooling in buyer activity. This decrease could be attributed to various factors such as higher interest rates, changes in buyer preferences, or a natural market correction following a particularly active period.
Average Sale Price
- May 2024: $667,111
- May 2023: $644,096
- Year-over-Year Change: +3.6%
Despite the decrease in the number of sales, the average sale price has seen a healthy increase of 3.6% year-over-year. This rise suggests that demand for homes remains robust, and buyers are willing to pay more, possibly due to limited inventory and the quality of life that Peterborough offers.
Number of Active Listings
- May 2024: 254
- May 2023: 192
The number of active listings has increased significantly, from 192 in May 2023 to 254 in May 2024. This 32% increase in inventory provides more options for buyers and could help balance the market, potentially easing upward pressure on prices if the trend continues.
Average Days on Market
- May 2024: 18
Homes in Peterborough are selling relatively quickly, with an average of just 18 days on the market in May 2024. This metric underscores the efficiency and competitiveness of the current market, where desirable properties are snapped up rapidly.

Implications for Buyers

For prospective homebuyers, the increase in active listings is a positive development. With more properties to choose from, buyers have a better chance of finding a home that meets their needs. However, the rising average sale prices mean that buyers should be prepared to act quickly and decisively, as desirable homes are still moving fast.

Implications for Sellers

Sellers in Peterborough are benefiting from a market where prices continue to rise and homes sell quickly. The key to maximizing returns is to price properties competitively and ensure they are in excellent condition to attract buyers who are willing to pay a premium for quality.

Market Outlook

The Peterborough real estate market remains vibrant, with a healthy balance of supply and demand. The increase in active listings suggests a potential shift towards a more balanced market, which could stabilize price growth over time. However, the quick turnover of homes indicates that demand remains strong, and sellers are likely to continue seeing favourable conditions.

Peterborough’s real estate market in May 2024 presents a dynamic and competitive environment. With rising prices, a slight dip in sales, and an increase in active listings, both buyers and sellers must stay informed and agile to make the most of current opportunities. Whether you’re looking to buy, sell, or invest, understanding these market trends is crucial for making strategic decisions.

As always, it’s essential to seek the advice of experienced real estate professionals when making decisions in the current market. Need help to decide your next move? Don’t know what these numbers mean for you? We always have an agent on duty to help you. Call our office at 705-743-4444 and we will be happy to direct you to a REALTOR® to answer your questions.

Highlighted below are some of the major areas we cover with our stats: