Real Estate Market Analysis for October 2024

The real estate market in Peterborough, Ontario, showed strong momentum through October 2024, with year-over-year data reflecting both increased buyer activity and a modest rise in property prices. Let’s break down what this means for buyers, sellers, and our community as a whole.

October 2024 Market Highlights

In October 2024, Peterborough saw:

• 95 properties sold, compared to 66 in October 2023—a significant increase of 43.9%.
• An average sale price of $584,101, up from $560,551 in October 2023, reflecting a 4.2% year-over-year increase.
• 258 active listings, a slight increase from 241 in October 2023.
• 28 average days on the market, indicating that properties are moving at a healthy pace.

Analyzing the Increase in Sales

The 43.9% jump in the number of sales from last October suggests a heightened interest in Peterborough’s housing market. This increase may reflect several trends:

• Increased buyer confidence: With declining interest rates, buyers appear to feel more secure in making purchasing decisions.
• Growing interest in smaller cities: Peterborough has become increasingly attractive to buyers seeking a balance between affordability and lifestyle.
• Favourable timing for buyers and sellers: October’s balanced market has encouraged movement on both sides, with sellers more likely to meet buyer demand.

Rising Prices and What They Mean for Buyers

The 4.2% increase in the average sale price highlights steady price appreciation, with Peterborough remaining competitive in the Ontario housing market. For buyers, this means:

• It’s still possible to secure a property at a relatively reasonable price compared to larger Ontario cities, but waiting too long could lead to higher costs.
• Interest from out-of-area buyers, combined with local demand, could continue to support price growth, so acting now may help buyers avoid future price hikes.

For sellers, the increased property value indicates potential for good returns. If you’ve been considering selling, now is a favourable time to list and leverage the higher buyer demand.

Active Listings and Days on Market

With 258 active listings in October 2024—up slightly from 241 last year—there are more choices available, helping to keep the market balanced. However, a 28-day average time on the market suggests that well-priced homes are still moving quickly.

Key Takeaways

The Peterborough real estate market has seen notable growth this past year, with higher sales and a steady price increase. For potential buyers, this is an ideal time to explore available options before prices increase further. Sellers can take advantage of the heightened buyer interest to secure competitive offers and capitalize on rising property values.

Peterborough continues to stand out as an attractive destination, offering a unique mix of affordability, lifestyle, and investment potential. Whether you’re buying, selling, or simply watching the market, October’s stats reflect a strong and resilient housing market in our community.

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.

*All data from CLAR/TRREB 2024 & InfoSparks®© 2023 MLS® Resale Residential. Information deemed reliable but is not guaranteed.

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