Real Estate Market Analysis for September 2024

by CENTURY 21 United Realty Inc. Brokerage

The real estate market in Peterborough, Ontario, continues to show interesting trends as we move into the final months of 2024. September’s market statistics reveal both opportunities and challenges for buyers and sellers alike. Here’s a detailed analysis of the numbers and what they mean for the local market.

Average Sales and Market Activity

The number of properties sold in Peterborough increased year over year, with 82 sales in September 2024 compared to 76 in September 2023. This 7.9% rise reflects a growing buyer demand, which is notable given that interest rates and market uncertainties have impacted many regions in Ontario. Peterborough, however, continues to attract homebuyers, likely due to its relative affordability compared to larger urban centers and its appealing lifestyle.

Another significant change is the increase in active listings. In September 2024, there were 276 active listings compared to 175 a year ago, representing a substantial 57.7% increase in available homes. This increase in inventory gives buyers more options, creating a more balanced market where there’s less pressure to act quickly, which we saw during the peak of the pandemic market frenzy.

Average Sale Price: A Slight Decline

The average home price in September 2024 was $597,294, down 3.7% from $620,395 in September 2023. While a slight decrease, this cooling of home prices suggests that the market is stabilizing after the dramatic price growth in recent years. For sellers, this means adjusting expectations, while buyers may see this as an opportunity to enter the market at a more accessible price point.

Days on Market: Slowing Pace

Homes in Peterborough in September 2024 spent an average of 35 days on the market. This is a key indicator that the market has slowed slightly compared to more competitive periods where homes were sold within days of listing. This shift benefits buyers, allowing them more time to make decisions without feeling rushed, while sellers might need to prepare for longer listing periods.

What This Means for Buyers and Sellers

For buyers, the increase in active listings and the longer time homes are staying on the market are advantageous. The opportunity to explore more options and negotiate favourable terms is greater in this type of market. While interest rates remain a consideration, the slight decrease in home prices could offset some of those costs.

For sellers, the market is still active with solid demand, but setting realistic expectations is key. Pricing homes appropriately is critical in a market where buyers have more choices and are taking their time. With homes staying on the market longer, sellers may also need to invest more in staging and marketing to attract the right buyers.

Peterborough’s real estate market is in a period of stabilization after years of rapid growth. The trends suggest a more balanced market, with opportunities for both buyers and sellers. Whether you’re looking to buy your first home or considering selling, understanding these shifts can help you make informed decisions. As always, working with a knowledgeable local agent is key to navigating the market effectively.

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: