Hamilton Real Estate Market Update: December 2024
The Cornerstone Association of REALTORS® (Cornerstone) has released its latest report, providing important insights into the Hamilton-Burlington real estate market. This report will provide a comprehensive analysis of the real estate market statistics for December 2024, offering buyers, sellers and investors valuable information. This report will have a strong focus on the Hamilton real estate market.
Important Highlights of the 2024 Real Estate Market
The report released by Cornerstone stated that in 2024 the higher interest rates and economic uncertainty weighed on the real estate market. Due to this, sales slowed during the spring and “nearly offset the improvements that occurred later in the year as interest rates eased. Sales in 2024 totaled 10,210, slightly above the levels seen in 2023 but 26 per cent below long-term trends.”
Sales and Inventory in 2024
Cornerstone reported that in the 2024 real estate market there were a total of 10,210 sales, as we mentioned above, of residential real estate. This was a decrease of 26 percent and lower than the long-term trends, but also similar to what we saw in 2023. It was reported that inventory levels saw gains in 2024 due to so many new listings available. With over 3,000 units recorded during the 2024 real estate market, “supply improved across all property types and most price ranges, including lower-priced products.”
The report also mentioned that a good amount of supply is something that we’ve seen since 2023 and has had an effect on home prices. However, the price adjustment needs to be considered as the declines over the last few years have been in relation to the pandemic high.
“Even with a nearly one per cent decline in 2024, on an annual basis, the average benchmark price is still consistent with levels seen in 2021 and nine per cent higher than the 2020 average annual benchmark price of $651,425.”
Looking Ahead: The Hamilton Real Estate Market
Join us as we dive deeper into the December 2024 Hamilton residential market, analysing sales trends, inventory levels, and property price movements. The goal of our report is to provide buyers, sellers and investors with actionable insights into the real estate market. When we understand past trends we can see opportunities and plan for the future.
Hamilton Residential Market Activity and Prices
It was reported that in 2024 the Hamilton real estate market saw sales levels comparable to the levels we saw last year. There were a total of 6,166 sales reported in 2024, which was the third consecutive year where sales have been below the long-term trends for the area.
Easing Sales and Inventory Gains
The easing sales were overall met with a gain in inventory, the rise in new listings compared to the sales caused there to be an improvement in inventory. This rise in supply then weighed on the price of residential properties. “However, the annual decline of nearly one per cent was far less than declines reported in 2023, and prices are still much higher than they were pre-pandemic.”
Inventory Levels: The total number of units reported in December 2024 saw an increase of 13.5 percent year-over-year with a total of 1,400 units.
Hamilton Real Estate Market Statistics: The Breakdown
- Sales: There were a reported 344 sales of residential properties within the Hamilton real estate market in December 2024. This was a 10.6 percent increase when compared to the same period last year.
- New Listings: In December there were a total of 344 new listings, this was a modest gain of 22.3 percent year-over-year.
- Average Price: The average price of a residential property in the Hamilton market was $772,705 – this was a very small increase of 2.3 percent year-over-year.
Real Estate Trends in December 2024
It’s clear that we can see there were modest increases in the average price of a residential property in the Hamilton real estate market. And with these decreases in inventory only being one percent less than what we saw in the previous year, prices remain higher than pre-pandemic levels. Coupled with the typical decrease in sales that we see this time of year.
Looking Ahead: Different Property Prices
Moving forward in our analysis of December 2024 real estate statistics, we’ll review the different property types within the Hamilton real estate market. This breakdown of the statistics for detached home, condominiums, semi detached homes and row houses, will help us have a clearer understanding of these nuances. And by understanding these nuances we can better assist buyers, sellers and investors in their real estate journey.
Property Type Comparison: Hamilton Real Estate Market in December 2024
Cornerstone reported that detached and row properties had the greatest number of sales reported for the majority of the area. However, there were gains in row property sales but this was not enough to offset the sales declines that were seen in other sectors.
In the apartment-style property sector, it was reported that there was a pullback in sales relative to the inventory levels. This caused the months of supply to average almost six months in 2024. “The excess supply drove almost four per cent annual price declines for apartment-style homes, the only sector to report a relatively significant decline.”
Key Insights: Property Type Statistics
By reviewing the above chart we can see a full list of each property type and their important key trends in December 2024. Now let’s look at the most significant statistics numbers below:
- Detached Properties: The average price was $854,803, this was a very slight increase of 5.0% year-over-year. This property type also had a slight increase in sales of 1.9%, the most compared to any other property type, with a total of 220 sales.
- Semi-Detached: This property type an increase in inventory year-over-year of 60.5% and a total of 61 units. When it came to new listings there was an increase of 76.9% and a total of 23. The average price was $650,681, a decline of -0.6%.
- Row-Homes: This property type had the smallest increase of only 1.0% and an average price of $683,269. Row properties had the second greatest increase in sales at 42.6% year-over-year with a total of 77 sales.
- Apartment-Style: This property type had the greatest increase in terms of sales with an increase of 55% and a total of 31. As mentioned above, apartment-style properties reported a pullback in sales relative to their inventory, which was a total of 239 and an increase of 28.5% compared to the previous year. The average price was $475,201, a small increase of 4.7%.
What’s Next? Regional Summary of Statistics for Hamilton
Now that we’ve had a review of the different property types in the Hamilton real estate market area, we can dive deeper into the region and find out how each area performed in December 2024. We’ll learn more about how sales, new listings and prices varied across the entire Hamilton region.
Regional Summary: Hamilton Real Estate Market in December 2024
The above chart, Regional Summary, offers us an overview of the entire Hamilton real estate market. Providing key information about each area in regards to sales, average prices, inventory, new listings and more.
Sales: Below Long-Term Trends
It was reported by Cornerstone that sales were below long-term trends across all regions within the Hamilton market. In the city of Hamilton there was an increase in sales in Hamilton East and Hamilton Mountain. This caused the months of supply to average below three months in those areas.
“While this is higher than last year, it is lower than the approximately four months reported in Hamilton Centre and Hamilton West. Meanwhile, activity outside the city improved across all areas except Stoney Creek and Glanbrook, which reported a modest decline in sales.”
Regional Breakdown of Key Areas: Sales, Listings, Prices and Inventory
Let’s take a closer look at Hamilton East and Hamilton Mountain, since these are the two areas mentioned in the Cornerstone report that had the most significant sales. Below we have broken down the key statistics for these areas.
Hamilton East:
- Sales: 33 (-10.8% YoY)
- New Listings: 45 (+51.2% YoY)
- Inventory: 136 (+9.7% YoY)
- Average Price: $600,033 (-5.1% YoY)
Hamilton Mountain:
- Sales: 89 (+21.9% YoY)
- New Listings: 88 (+29.4% YoY)
- Inventory: 285 (+39.7% YoY)
- Average Price: $712,540 (+0.5% YoY)
Summary of Regional Trends
Hamilton Mountain continues to be the region with the greatest number of sales, new listings and inventory. Hamilton East contributed with this pickup in sales in December 2024, while Hamilton Centre and Hamilton West remained lower than four months in terms of sales. Areas such as Stoney Creek and Glanbrook saw a modest decline in sales as other areas saw improvements.
Up Next: Dive Deeper into Average Prices
In the next section of this report we’ll take a closer look at the average prices within the Hamilton real estate market. The focus in this section is on Hamilton Mountain and Hamilton East, their sub areas will help us get a better understanding of the average prices.
Average Residential Price by District
In this report we have been gaining information and digesting real estate statistics within the Hamilton real estate area. The above map allows us to dive deeper and gain more knowledge about the average price of a residential property.
Our focus in the report has been Hamilton East and Hamilton Mountain, we'll continue that focus in this section. Below is a breakdown of both of these regions and their respective sub areas average prices.
Hamilton East
In Hamilton East there were a total of 33 sales of residential properties and an average price of $600,033. The average price of a residential property in this area saw a decline of 5.1 percent year-over-year. The sub areas that comprise Hamilton East are; 23, 24, 27 and 28.
- Area 23 → $561,215 (+8%)
- Area 24 → $557,900 (-13%
- Area 27 → $564,933 (-20%)
- Area 28 → $668,417 (+2%)
We can see that two areas saw a decrease in their average price and two had slight increases in December 2024.
Hamilton Mountain
Hamilton Mountain reported the greatest number of sales, this remains very typical of this area no matter the time of year. In December there were a total of 89 sales and an average price of $712,540. This area comprises the sub areas; 15, 16, 17, 18, 25 and 26. See the breakdown below.
- Area 15 → $696,167 (-11%)
- Area 16 → $714,000 (-4%)
- Area 17 → $639,285 (0%)
- Area 18 → $796,250 (+4%)
- Area 25 → $661,100 (-1%)
- Area 26 → $743,790 (+25%)
We can see there were very small declines in prices in areas such as 15, 16 and 25 and other areas had slight increases. This was great news for sellers as they got to take advantage of a price increase.
Summary of Price Trends
Keeping focus with the two real estate regions in this section we can see that there were some increases in the average price, but overall there were more decreases. These decreases however, were very small.
Looking Ahead: Get in Contact with Judy Marsales Real Estate Brokerage
This concludes our analysis of the December 2024 Hamilton real estate statistics, highlighting pricing trends and key insights across districts. In the last few sections of this report we’ll summarize our findings and help you get in touch with a sales representative at Judy Marsales Real Estate Brokerage.
Summary of Statistics for the Hamilton Real Estate Market Area
The Cornerstone Association of REALTORS® (Cornerstone), reported the higher interest rates and economic uncertainty weighed on the real estate market in 2024. The result was that sales slowed during the spring and almost offset improvement later in the year as the interest rates eased.
“As interest rates have begun to trend downward, some homebuyers are taking advantage of the opportunity to enter the market while there is still a good selection of homes available. Although the pace of return has been gradual, the improving rates have sparked renewed interest, and many potential purchasers are starting to feel more confident in making their move,” – Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
Key 2024 Real Estate Statistics: Hamilton-Burlington Market
It’s also important to note that there were a total of 10,210 residential sales, 26 percent lower than the long-term trends but also similar to what we saw in 2023. There were also inventory levels that saw gains in 2024 and the annual benchmark price was $651,425 – nine per cent higher than the 2020 average annually.
Navigate the Market: Contact a Sales Representative
Navigating the real estate market can be challenging, that’s where our professional and highly trained sales representatives and brokers come in. They’ll work with you to find the right home that fits your needs.
Our comprehensive report on the December 2024 Hamilton real estate market was able to help you:
- Explore property prices
- Consider your next move in the real estate market
- Have a deeper understanding of the different property types available
For more expert advice and to assist you in your real estate journey, contact us today.
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If you’re feeling overwhelmed and need some help understanding the market we’re here to help. At Judy Marsales Real Estate Brokerage we’re committed to helping you navigate the Hamilton real estate market with confidence.
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- Hamilton Real Estate Statistics → Dive deeper into the December 2024 Hamilton Real Estate Report for a comprehensive analysis of the trends shaping our region.
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