Real Estate Market Analysis for November 2024

by CENTURY 21 United Realty Inc. Brokerage

As we approach the end of 2024, it’s a great time to reflect on how the Peterborough real estate market has evolved. November’s market stats offer valuable insights into key trends and shifts compared to the same time last year. Let’s break down the numbers and what they mean for buyers and sellers.

Sales Activity is Heating Up

In November 2024, Peterborough saw 72 homes sold, a significant 22% increase from the 59 sales recorded in November 2023. This uptick suggests that buyer activity has remained strong despite broader economic challenges. For sellers, this means there is steady demand in the market, although pricing strategies remain crucial in the current environment.

Prices Reflect Market Adjustments

The average sale price in November 2024 was $581,964, marking a 10% decline compared to November 2023’s average of $649,903. This adjustment aligns with trends across many Ontario markets, where higher interest rates and affordability concerns have softened prices. For buyers, this presents an opportunity to enter the market at more accessible price points.

Inventory Growth Supports Balanced Conditions

November 2024 saw 225 active listings, a 20% increase from the 188 listings available in November 2023. This growth in inventory is providing buyers with more options while preventing the market from becoming overly competitive. Sellers should note that while homes are selling, the increased supply means pricing your property accurately is more important than ever.

Homes Selling Faster

The average number of days on the market in November 2024 was 28 days. This is a strong indicator that homes are moving at a reasonable pace, balancing buyer interest with an expanded inventory. Sellers can feel confident that well-priced and well-presented homes will attract attention quickly.

What Do These Trends Mean for You?

For Buyers: The decline in average sale price and increase in inventory make this a favourable time to explore the market. With homes selling in under a month on average, staying prepared and pre-approved is key.
For Sellers: While sales activity is up, pricing is crucial in a more balanced market. Partnering with an experienced real estate professional can ensure your home is marketed effectively to stand out.

As Peterborough’s market adjusts, it’s clear that both buyers and sellers have opportunities. Whether you’re considering making a move or just staying informed, understanding these trends is essential for navigating the ever-changing real estate landscape.

Need Expert Advice?
If you’re curious about how these stats impact your specific real estate goals, contact us at Century 21 United Realty. Our team is here to help you make informed decisions in Peterborough and the Kawartha’s dynamic market. 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: