Real Estate Market Analysis for July 2024

by CENTURY 21 United Realty Inc. Brokerage

The Peterborough real estate market in July 2024 has shown a dynamic and competitive landscape, reflecting broader trends across Ontario. Let’s dive into the key statistics and what they mean for buyers, sellers, and investors.

Market Overview

July 2024 saw an average of 96 sales in Peterborough, a notable increase from the 84 sales in July 2023. This 14.3% year-over-year growth in the number of sales is a strong indicator of increased market activity. The demand for properties in Peterborough remains robust, driven by both local buyers and those from larger urban areas seeking more affordable housing options.

Average Sale Price

The average sale price in July 2024 reached $662,083, up 3.9% from $637,150 in July 2023. While this increase is modest compared to previous years, it reflects a steady upward trend in property values. The consistent rise in prices suggests that Peterborough continues to be a desirable location, with its balance of urban amenities and proximity to nature.

For sellers, this price increase is a positive sign, indicating that their investments are growing in value. Buyers, on the other hand, need to be aware that while the market remains strong, the upward pressure on prices means that acting sooner rather than later could be beneficial.

Active Listings and Market Competition

The number of active listings in July 2024 was 279, up from 230 in July 2023. This increase in inventory is encouraging for buyers, as it suggests more options are available. However, with the average number of days on the market sitting at just 25, properties are moving quickly. This speed of sales highlights the competitive nature of the market—buyers need to be prepared to act fast when they find a property that meets their needs.

Market Dynamics and Predictions

The combination of a higher number of sales, a slight increase in prices, and a greater number of active listings points to a balanced but active market in Peterborough. The rapid turnover of properties indicates that demand continues to outpace supply, keeping prices buoyant.

For potential buyers, the current market conditions mean that while there are more options available, competition remains stiff. It’s essential to work closely with a knowledgeable real estate agent to navigate the market and secure a property that fits your budget and lifestyle.

Sellers, on the other hand, can be confident in the value of their properties but should remain mindful of pricing competitively to ensure a quick sale in this active market.

Peterborough’s real estate market in July 2024 is characterized by healthy growth in both sales volume and prices, alongside a significant increase in active listings. As the market continues to evolve, staying informed and working with experienced professionals will be key to making the most of these trends, whether you’re buying or selling.

If you’re looking to explore your options in the Peterborough real estate market, feel free to reach out to us at Century 21 United Realty. We always have an agent on duty to help. 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: