Peterborough Real Estate Market: 2024 Year in Review

As we close the books on 2024, it’s time to reflect on the key trends and insights that shaped the real estate market in Peterborough and the surrounding areas. From shifting buyer activity to changes in inventory, this year has been dynamic, providing valuable lessons for buyers, sellers, and real estate professionals alike.

Increased Showing Activity

One of the standout trends of 2024 was the uptick in showing activity across the Peterborough region. The number of showings before a sale increased significantly compared to previous years. This trend highlights a more deliberate approach from buyers, who are taking their time to explore options before making offers.

Market Performance: City of Peterborough

The City of Peterborough experienced steady market activity throughout 2024. Key metrics include:

• Listings: The number of new listings remained consistent with previous years, providing buyers with a range of options.
• Sales: While sales volume saw slight fluctuations, overall demand remained strong, with many properties receiving multiple offers.
• Inventory: Inventory levels tightened in the latter half of the year, creating a more competitive environment for buyers.

Market Performance: Peterborough County

In Peterborough County, the market showcased similar patterns:

• Rural Appeal: Buyers continued to show interest in rural properties, particularly those offering larger lots and proximity to natural amenities.
• Inventory and Sales: The balance between inventory and sales remained stable, with a healthy list-to-sale ratio indicating a balanced market.

Rental Market Trends

Rental rates in the Peterborough region also saw changes in 2024. The demand for rental properties increased, driven by a combination of new residents moving to the area and buyers delaying purchases due to interest rates. This shift underscores the importance of the rental market in providing housing solutions.

Looking Ahead to 2025

Market predictions for 2025 suggest that Canada’s real estate landscape will continue to face a mix of challenges and opportunities. Nationally, experts forecast a gradual cooling of interest rate hikes, which could re-energize buyer activity. Additionally, inventory levels are expected to remain tight, keeping competition strong in desirable neighbourhoods. Economic stability and evolving buyer preferences, such as increased interest in energy-efficient homes, will likely shape market trends.

The Peterborough real estate market is poised for continued activity. We anticipate steady demand driven by its affordability compared to larger urban centres. Factors to watch include interest rate trends, inventory levels, and buyer preferences. Staying informed about these developments will be key for anyone navigating the market in the coming year.

For more detailed insights or personalized advice, don’t hesitate to reach out to Century 21 United Realty at 705-743-4444. Our team is here to guide you through every step of your real estate journey.