Hamilton-Burlington Real Estate Market Update: November 2024
The Cornerstone Association of REALTORS® (Cornerstone) has released its latest report, providing valuable insights into the Hamilton-Burlington real estate market. This comprehensive analysis highlights key real estate trends in November 2024, offering essential information for home buyers, sellers, and real estate investors looking to navigate the current market with confidence.
Key Highlights of the November 2024 Real Estate Market
According to the report, the market experienced a seasonal slowdown, with declines in sales, new listings, and inventory levels compared to October. This aligns with typical seasonal trends. However, there was a noteworthy year-over-year increase in sales across all regions, with Haldimand County standing out as the only area to surpass long-term sales trends.
Benchmark Price Insights and Listing Trends
- The unadjusted benchmark price in November 2024 was $818,000, maintaining stability compared to October and showing an almost 2% increase from the same time last year.
- While prices last year experienced steeper declines, this year's trends indicate a more balanced market. Year-to-date prices are less than 1% lower than 2023 levels, suggesting greater market resilience.
- New listings saw a decline compared to both the previous month and November 2023. Despite fewer listings, the supply remains steady, with four months of inventory—a higher level than in recent years.
Looking Ahead: Hamilton Residential Market Focus
In the following sections, we’ll dive deeper into the Hamilton residential market, examining sales trends, inventory levels, and property price movements. Our goal is to provide actionable insights to help buyers and sellers make informed decisions. By understanding past trends, market participants can identify opportunities and plan for future market conditions.
Hamilton Residential Market Activity and Prices
The Hamilton real estate market showed a typical seasonal slowdown in November 2024, with downward trends in new listings, sales, inventory, and prices. However, there were notable patterns that offer valuable insights for buyers, sellers, and investors alike.
Sales Activity and Long-Term Trends
Sales in November marked the third consecutive month of increases compared to earlier in the year. However, the 460 recorded sales were still 30 percent below long-term trends. While this indicates a slower market overall, it aligns with typical seasonal behavior as activity moderates toward year-end.
Inventory Levels and Benchmark Prices
- Inventory Levels: November 2024 recorded the highest inventory for this time of year since 2011, with 1,998 units available. Elevated inventory helped sustain a months-of-supply rate of over four months, signaling a more balanced market.
- Benchmark Price: The unadjusted benchmark price was $763,400, a slight dip compared to October but 2% higher than November 2023. Year-to-date, benchmark prices are down by nearly 1% compared to last year, reflecting a softening market.
New Listings, Sales, and Residential Prices in Detail
- New Listings: Increased by 7.7% year-over-year, with 460 new properties hitting the market in November.
- Sales: November sales totaled 849 units, a modest 7.6% decrease from the same month last year.
- Average Residential Price: Saw a year-over-year increase of 3.3%, reaching $787,348, reflecting resilience despite seasonal adjustments.
Key Market Insights: Hamilton Real Estate Trends
The Hamilton real estate market is showing mixed signals, with some metrics experiencing slight increases while others align with typical seasonal trends:
- Inventory levels posted the most significant rise at 16.4%, reflecting 1,998 available units.
- Sales, new listings, and average residential prices are consistent with expected seasonal fluctuations, showing a market that remains steady despite broader challenges.
Looking Ahead: Property-Specific Trends
As we move forward in this report, we’ll explore the performance of different property types, examining sales, new listings, and price trends in more detail. By breaking down statistics for detached homes, condominiums, and other property types, we aim to provide a clearer picture of the Hamilton real estate market. Understanding these nuances can help buyers and sellers make informed decisions as they navigate their next steps.
Property Type Comparison: Hamilton Real Estate in November 2024
A closer look at Hamilton’s real estate market reveals key trends across different property types, offering deeper insights into the overall market dynamics. By examining detached homes, semi-detached homes, row-style homes, and apartment condominiums, we can uncover opportunities and patterns unique to each category.
Row-Style Homes Lead Sales Growth
According to the Cornerstone Association of REALTORS®, row-style homes reported the most significant sales gains in November 2024, contributing to a year-to-date sales increase of 2%. While sales improved across most property types, rising inventory levels kept the months of supply elevated. This balance has moderated price growth, but all major property types experienced benchmark price increases compared to last year:
- Detached and semi-detached homes reported over 3% price gains.
- Row-style homes showed more modest price increases, reflecting a more stable segment of the market.
Key Statistics by Property Type: November 2024
Here’s a breakdown of sales, prices, inventory, and listings for each property type:
Detached:
- Median Price → $787,500 (+5%)
- Benchmark Price → $827,100 (+3%)
- Average Price → $882,004 (+4.1%)
- New Listings → 545 (-10.4%)
- Inventory → 1,235 (+6.8%)
- Sales → 294 (+6.1%)
Semi-Detached:
- Median Price → $637,000 (+2.1%)
- Benchmark Price → $732,500 (+4%)
- Average Price → $663,786 (+5.6%)
- New Listings → 37 (+2.8%)
- Inventory → 83 (+45.6%)
- Sales → 21 (-8.7%)
Row:
- Median Price → $685,000 (-0.7%)
- Benchmark Price → $641,800 (+1%)
- Average Price → $693,939 (+2.7%)
- New Listings → 164 (-3.0%)
- Inventory → 345 (+35.3%)
- Sales → 94 (+25.3%)
Apartment:
- Median Price → $442,450 (+3.8%)
- Benchmark Price → $459,400 (-5%)
- Average Price → $472,626 (-1.2%)
- New Listings → 96 (-4.0%)
- Inventory → 322 (+34.7%)
- Sales → 50 (+4.2%)
Note: The percentages indicate year-over-year changes, comparing November 2024 with the same period in 2023. Positive percentages indicate an increase, while negative ones reflect a decrease.
Market Trends and Key Observations
- Apartments experienced the steepest price decline, with a benchmark price 5% lower than last year. They also had the highest months-of-supply levels in 2024, indicating slower market absorption.
- Detached homes maintained strong price growth, with increases across median, benchmark, and average prices.
- Row-style homes saw the highest year-over-year sales growth (+25.3%), reflecting their appeal among buyers seeking affordability and space.
What’s Next? Regional Insights on Hamilton Real Estate
This concludes our analysis of property type-specific trends in November 2024. In the next section, we’ll focus on the Regional Summary, diving into detailed statistics for Hamilton. Learn more about how sales, prices, and new listings vary across different neighbourhoods and regions, offering insights for buyers and sellers seeking location-specific opportunities.
Regional Summary: Hamilton Real Estate Market in November 2024
The Hamilton Regional Summary offers a detailed breakdown of sales, new listings, inventory, and average prices across key areas. By analyzing each region, we gain insights into how Hamilton’s real estate market is performing and evolving. Let’s explore the highlights for Hamilton Centre, Flamborough, Dundas, and Stoney Creek to better understand the trends shaping the market in November 2024.
Year-Over-Year Sales Growth: Key Insights
Sales growth in Hamilton’s real estate market varied significantly across regions in November. While many areas reported stronger year-over-year sales, others like Hamilton Centre, Flamborough, and Dundas saw a slowdown. Notably, Hamilton Centre continues to face challenges, with months of supply exceeding five months, second only to Stoney Creek.
Regional Breakdown: Sales, Listings, Prices, and Inventory
Hamilton Centre
Despite challenges, Hamilton Centre showed slight improvements in inventory and average price year-over-year.
- New Listings: 137 (+17.1% YoY)
- Sales: 57 (-19.7% YoY)
- Inventory: 308 (+25.7% YoY)
- Average Price: $525,044 (+4.8% YoY)
While sales decreased, the region experienced significant inventory growth, suggesting better availability for buyers moving forward.
Flamborough
Known for its premium properties, Flamborough continued to lead with the highest average residential price despite declines in other areas.
- New Listings: 31 (-41.5% YoY)
- Sales: 14 (-17.6% YoY)
- Inventory: 135 (+15.4% YoY)
- Average Price: $1,169,071 (-21.6% YoY)
The drop in new listings and sales reflects broader market cooling, but inventory growth may indicate opportunities for buyers.
Dundas
Demand remains strong in this sought-after area, as inventory levels saw a significant increase.
- New Listings: 27 (-12.9% YoY)
- Sales: 17 (-22.7% YoY)
- Inventory: 76 (+38.2% YoY)
- Average Price: $849,588 (-7.8% YoY)
While average prices dipped slightly, rising inventory may provide better options for buyers seeking properties in Dundas.
Stoney Creek
Among the regions, Stoney Creek showed resilience with positive sales growth and a notable price increase.
- New Listings: 129 (-21.8% YoY)
- Sales: 59 (+3.5% YoY)
- Inventory: 330 (+0.9% YoY)
- Average Price: $856,549 (+15.0% YoY)
The region maintained steady inventory and achieved year-over-year price growth, making it a standout area in Hamilton’s real estate market.
Summary of Regional Trends
The November 2024 Hamilton real estate market exhibited mixed trends across its districts:
- Hamilton Centre saw the largest pullback in sales, though inventory rose significantly, offering new opportunities for buyers.
- Flamborough maintained its status as a high-value market despite declines in sales and average price.
- Dundas experienced steady demand, with rising inventory levels reflecting strong buyer interest.
- Stoney Creek stood out with positive sales growth and significant price appreciation, demonstrating resilience amidst broader market challenges.
What’s Next? Exploring Average Property Prices Across Hamilton
With these regional insights in mind, our next section delves into average property prices across Hamilton’s districts, providing a closer look at how pricing trends vary and what they mean for buyers and sellers.
Average Residential Price by District
The Average Residential Price by District map provides a detailed look at the Hamilton real estate market, breaking it down into sub-areas for a comprehensive understanding of residential property prices in November 2024. By examining Hamilton Centre, Stoney Creek, Flamborough, and Dundas, we gain deeper insights into pricing trends and regional dynamics.
Hamilton Centre: Mixed Price Trends Across Sub-Areas
In Hamilton Centre, there were 57 sales in November 2024, a year-over-year decrease of 19.7 percent. Despite this, the average residential price rose by 4.8 percent, reaching $525,044. Sub-areas within Hamilton Centre showed a majority of increases with one decrease:
- Area 13 → $493,286 (-16%)
- Area 14 → $583,400 (+17%)
- Area 20 → $504,726 (0%)
- Area 21 → $475,143 (+12%)
- Area 22 → $697,817 (+17%)
While some sub-areas like Area 13 saw declines, others, such as Area 14 and Area 22, reported significant price gains, reflecting the diverse appeal of Hamilton Centre.
Stoney Creek: Consistent Growth
Stoney Creek stood out for its average residential price of $856,549, a 15 percent increase year-over-year. This region, along with Hamilton Centre, reported months of supply exceeding five months, indicating a more balanced market. Sub-area pricing showed a strong upward trend:
- Area 50 → $815,550 (+4%)
- Area 51 → $898,962 (+27%)
- Area 52 → Data unavailable at the time of this report.
The price growth in Area 51 underscores the strong demand for properties in Stoney Creek.
Flamborough and Dundas: High-Value Markets
Flamborough
Known for its high property values, Flamborough maintained the highest average residential price at $1,169,071, despite a 21.6 percent decrease year-over-year. This region comprises sub-areas 40, 43, 44, and 45, with a single average price reported.
Dundas
The average price in Dundas was $849,588, reflecting a modest decline of 7.8 percent year-over-year. This sought-after region consists of sub-area 41, where rising inventory continues to indicate strong buyer interest.
Summary of Residential Pricing Trends
In November 2024, the Hamilton real estate market exhibited diverse pricing trends:
- Hamilton Centre showed modest overall price growth, with some sub-areas experiencing significant gains.
- Stoney Creek saw consistent year-over-year price increases, particularly in Area 51.
- Flamborough retained its status as the leader in average residential prices, even with a notable decline.
- Dundas remained a high-value area with relatively stable prices and growing inventory.
While increases and decreases were observed across regions, the shifts were largely moderate, showcasing a steady market in the face of seasonal trends.
What’s Next? Contact a Real Estate Expert
This concludes our analysis of November 2024 Hamilton real estate statistics, highlighting pricing trends and key insights across districts. For personalized advice or to explore current opportunities in the market, connect with a trusted 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 seasonal declines in sales, new listings, and inventory levels across the entire Cornerstone real estate area in November 2024. These trends are typical for this time of year, but the report also noted a modest year-over-year sales increase, indicating resilience in the market.
Market Outlook: 2025 Expectations
According to Nicolas von Bredow, spokesperson for the Hamilton-Burlington real estate market, recent policy changes and interest rate cuts are expected to incentivize buyers as we head into 2025:
“Many potential purchasers defer purchasing decisions this time of year until the new year. With recent interest rate cuts, we expect buyers will be incentivized to enter the market in 2025. The recent easing of mortgage restrictions and Bank of Canada cuts are making purchasing more attainable for hopeful buyers.”
Ready to Navigate the Market? Let Judy Marsales Real Estate Brokerage Help
This November 2024 market report provided valuable insights into trends shaping the Hamilton real estate market. Whether you're:
- Exploring property values
- Planning to buy your first home
- Considering your next real estate investment
Our team is here to guide you with expert advice tailored to your needs.
Have Questions? Reach Out Today
If you have any questions about the market or want to explore how our services can support your goals, don’t hesitate to contact us. At Judy Marsales Real Estate Brokerage, we’re committed to helping you navigate the Hamilton real estate market with confidence.
Stay Connected for Real Estate Insights
Follow us on Facebook and Instagram to stay updated on the latest:
- Market trends
- New listings
Join our online community to stay ahead in the Hamilton real estate market.
Contact Our Offices
For personalized assistance, contact one of our offices:
Explore More Tools and Resources
- What’s My Home Worth? → Use our free calculator to get an accurate estimate of your home’s value based on the latest market conditions.
- Hamilton Real Estate Statistics → Dive deeper into the November 2024 Hamilton Real Estate Report for a comprehensive analysis of the trends shaping our region.
At Judy Marsales Real Estate Brokerage, we’re dedicated to equipping you with the knowledge and resources you need to make informed real estate decisions.