Hamilton – Burlington Real Estate Statistics for October 2024
The Cornerstone Association of REALTORS® (Cornerstone) has just released its October 2024 real estate market report, offering an in-depth look at the latest trends across the entire Cornerstone area. Our report will have a special emphasis on the Hamilton real estate market. This analysis aims to provide valuable insights for buyers, sellers, and real estate investors as they navigate the current market landscape.
According to Cornerstone, residential property sales in October showed positive momentum, with improvements over both the previous month and the same period last year, marking the second consecutive month of gains. While total sales remain below long-term averages, this uptick is still a promising sign of recovery.
Cornerstone also reported a modest decline in housing inventory levels, driven by a rise in sales relative to new listings. However, this aligns with typical seasonal patterns as we approach the end of the year. As a result, the months-of-supply metric has dipped below four months, shifting the market from a buyer’s market toward a more balanced state.
Market Balance and Pricing Insights
“While this shift is likely welcome news for many sellers, it’s important to recognize that inventory levels are still higher than the current rate of sales,” Cornerstone noted. “This means it will take some time to fully clear the existing supply. Even with this market adjustment, prices have continued to ease, although at a slower rate.” In October, the unadjusted benchmark price for homes stood at $820,800, reflecting a slight drop from the previous month and just under 1% lower than the same time last year.
In the following section, we’ll dive into the Hamilton Residential Activity and Prices chart, breaking down the data to give a clearer picture of the local market dynamics for October 2024. This analysis will help both buyers and sellers make informed decisions as they plan their next moves.
Hamilton Residential Activity and Prices
In October 2024, the Hamilton real estate market experienced a notable rebound after two years of “weaker activity.” Although overall sales still lag behind long-term averages, this shift is helping boost demand amid evolving supply options and interest rate adjustments. Last month saw a total of 536 residential property sales, marking a significant increase of 27.6 percent compared to October 2023.
Sales-to-New-Listings Ratio & Market Dynamics
The rise in sales led to a pullback in new listings, resulting in a 45 percent sales-to-new-listings ratio. Despite the year-over-year and month-over-month improvements, the current activity remains lower than typical seasonal expectations.
New Listings and Inventory Growth: A Closer Look
- New listings in Hamilton totaled 1,193, reflecting a modest decline of 4.4 percent from the previous year.
- Inventory levels, however, saw a 15 percent increase, reaching 2,180 units.
- While sales are up, this increase is still below the usual levels for this time of year, leading to relatively stable inventory when compared to the previous month.
Average Prices and Market Insights
The average price for residential properties in October 2024 was $821,512, showing a 5.3% increase compared to the same period last year. Meanwhile, the unadjusted benchmark price stood at $764,700, slightly below September's figures but closely aligned with prices from October 2023.
According to Cornerstone, “Improving sales relative to stable inventory levels did reduce the months-of-supply, which now sits at four months. However, this is still slightly above the long-term trends for October. Despite this, the unadjusted benchmark price remained steady, indicating some resilience in the market.”
Armed with these insights into Hamilton’s balanced market, including inventory, prices, and new listings, the next section of this report will dive deeper into property types, exploring new listings, average prices, and sales trends across different segments.
Property Type Comparison for October 2024
In this section, we’ll break down the performance of various property types in October 2024, focusing on sales, average prices, benchmark prices, and new listings. The Property Type Comparison chart above provides a visual breakdown of market dynamics for each property category, giving a clear snapshot of how different segments fared during the month.
Sales and Benchmark Prices
According to the Cornerstone report, sales increased across all property types in October. This resulted in row homes and detached properties achieving year-to-date sales levels comparable to those reported in 2023. Unadjusted benchmark prices ranged from $826,700 for detached homes to $468,700 for apartment-style properties, indicating varied demand across property types.
Key Property Type Insights: Sales, Prices, and Listings
Here’s a quick summary of the key statistics for each property type in October 2024:
Detached:
- Median → $790,000 (+2.6%)
- Average Price → $913,717 (+6.1%)
- New Listings → 771 (-9.2%)
- Sales → 360 (+24.6%)
Semi-Detached:
- Median → $725,000 (+7.7%)
- Average Price → $710,350 (+7.8%)
- New Listings → 51 (+41.7%)
- Sales → 20 (+53.8%)
Row:
- Median → $688,000 (+5.8%)
- Average Price → $675,032 (+4.5%)
- New Listings → 230 (+3.6%)
- Sales → 105 (+36.4%)
Apartment:
- Median → $430,000 (-8%)
- Average Price → $483,202 (-2%)
- New Listings → 136 (+2.3%)
- Sales → 46 (+15%)
Note: The percentages indicate year-over-year changes, comparing October 2024 with the same period in 2023. Positive percentages indicate an increase, while negative ones reflect a decrease.
Balancing Market Trends: Key Observations
Cornerstone notes, “Months-of-supply for both detached and row homes fell below four months, indicating tighter inventory levels.” Despite these shifts, the overall unadjusted benchmark price remained steady compared to last October. Both detached and semi-detached homes reported modest year-over-year price gains of just over one percent. However, apartment-style homes experienced the largest decline, driven by higher supply-to-demand ratios.
In the next section, we’ll explore the Regional Summary for the Hamilton Real Estate Market Area, diving deeper into average prices and sales trends for specific neighbourhoods. We’ll also compare these figures to last year’s data to provide a clearer understanding of how each area is performing.
Regional Summary for the Hamilton Real Estate Market Area
The Regional Summary chart gives a comprehensive overview of the Hamilton real estate market, highlighting trends across various neighbourhoods. Compiled by the Cornerstone Association of REALTORS® (Cornerstone), this analysis reveals key insights into the market dynamics of October 2024. Let’s dive into the most significant findings to help buyers, sellers, and investors make informed decisions.
Sales Improvement Across All Areas
Cornerstone reported a broad improvement in sales across every region within the Hamilton market area. However, some neighbourhoods—such as Hamilton West, Flamborough, and Glanbrook—experienced a decline in inventory. The months-of-supply varied considerably by area, with Hamilton Mountain reporting the lowest at under three months, while Flamborough had the highest, exceeding six months.
Below, we break down the performance of key areas:
Hamilton West
- New Listings: 46 (+17.9% YoY)
- Total Listings: 89 (-3.3% YoY)
- Inventory: 196 units (+24.1% YoY)
- Average Price: $772,461 (-8.6% YoY)
In October 2024, Hamilton West saw an uptick in new listings and inventory, but prices dipped slightly compared to last year. This indicates a slightly cooling market in this area.
Hamilton Mountain
Known for its consistently high sales, Hamilton Mountain once again led the market:
- Sales: 103 (+27.5% YoY)
- New Listings: 244 (-10.4%)
- Inventory: 383 units (+10.1% YoY)
- Average Price: $753,395 (+7.9% YoY)
Despite a drop in new listings, Hamilton Mountain maintained its position as the top-performing area in terms of sales volume, with a notable increase in average home prices.
Flamborough
Flamborough continues to command the highest property prices in the region:
- Average Price: $1,314,926 (-1.4% YoY)
- Sales: 23 (+43.8% YoY)
- New Listings: 58 (no change YoY)
- Inventory: 145 units (+18.9% YoY)
The high demand for luxury homes in Flamborough kept prices above the one-million-dollar mark, although the area saw a slight dip in average prices compared to last year.
Glanbrook
Glanbrook showcased the strongest growth in sales, with the highest percentage increase across the Hamilton market:
- Sales: 34 (+216.7% YoY)
- New Listings: 82
- Inventory: 131 units (+23.6% YoY)
- Average Price: $861,656 (-10.6% YoY)
The area recorded a remarkable surge in sales, despite a slight decrease in average prices. The inventory also saw a moderate year-over-year increase, indicating a shift towards a more balanced market.
Summary of Regional Trends
“Sales improved across nearly every location within the Hamilton region,” according to Cornerstone. However, several areas, including Hamilton Mountain, Hamilton West, Flamborough, and Glanbrook, reported monthly declines in inventory. The range of months-of-supply varied significantly, with Hamilton Mountain at under three months, indicating a tight inventory, while Flamborough had the highest at over six months.
In the upcoming section, we’ll explore the Average Residential Price by District map to gain deeper insights into property values across the Hamilton area. This analysis will help you better understand how various districts are performing and identify potential real estate opportunities.
Average Residential Price by District
The Average Residential Price by District map offers a comprehensive view of property prices across Hamilton’s sub-areas. Building on our earlier analysis of key regions like Hamilton West, Hamilton Mountain, Flamborough, and Glanbrook, this section delves deeper into residential price trends and year-over-year changes.
This detailed breakdown provides an insightful look into average prices for each district, helping buyers, sellers, and investors better understand current market dynamics.
Hamilton West
In Hamilton West, sales rose to 46 sales, up 17.9 percent compared to last year. However, the average price of a residential property dipped by 8.6 percent, coming in at $772,461. This decrease suggests that while buyer activity is increasing, prices are still under some pressure. Hamilton West comprises the sub-areas 10, 11 and 12.
- Area 10 → $628,500 (-11%)
- Area 11 → $748,486 (-12%)
- Area 12 → $833,326 (-4%)
Hamilton Mountain
The Hamilton Mountain area continues to lead in sales, with 103 sales—a 27.5 percent increase year-over-year. The average home price rose by 7.9 percent to $753,395, indicating strong demand. The Hamilton Mountain comprises the sub-areas 15, 16, 17, 18, 25 and 26. Take a look at our breakdown below for a better understanding of the average prices seen in this area in October 2024.
- Area 15 → $829,404 (0%)
- Area 16 → $834,967 (+23%)
- Area 17 → $663,212 (+10%)
- Area 18 → $792,616 (+5%)
- Area 25 → $712,436 (-6%)
- Area 26 → $656,995 (+7%)
Flamborough and Glanbrook
Flamborough remains a leader in high-end real estate, with the average property price at $1,314,926, down by a modest 1.4 percent from last year. Despite this slight decline, the area maintains its premium status, reflecting continued demand for luxury homes. In Glanbrook, sales surged by an impressive 216.7 percent, reaching 34 sales. However, the average property price fell by 10.6 percent, landing at $861,656. This area shows a shift towards more affordability, attracting buyers looking for value in a fast-changing market.
- Flamborough → $1,314,926 (-1.4%)
- Glanbrook → $861,656 (-10.6%)’
This analysis of the Average Residential Price by District highlights varied trends across Hamilton’s neighbourhoods. While some areas like Hamilton Mountain show strong demand, others, such as Hamilton West, are experiencing adjustments in pricing. Each region presents unique opportunities, whether you're looking for luxury properties in Flamborough or more budget-friendly options in Glanbrook.
In the next section, we’ll wrap up with a summary of key statistics and share how you can connect with a Judy Marsales Real Estate Brokerage representative for personalized advice on your real estate journey.
Summary of Statistics for The Hamilton Real Estate Market Area
The Cornerstone Association of REALTORS® reported a 27.6 percent increase in residential property sales in October 2024 compared to last year, totaling 536 sales in the Hamilton real estate market. This marked the second consecutive month of gains, although sales remained below historical averages. The sales-to-new-listings ratio was 45 percent, while inventory slightly declined, helping to balance the market.
The unadjusted benchmark price stood at $820,800, staying stable year-over-year. According to Cornerstone spokesperson Nicolas von Bredow, “Many potential purchasers were happy to sit on the sidelines until there was more certainty regarding interest rate movements. The recent rounds of cuts seem to be the incentive needed for some to enter the market.”
Regional Highlights & Market Trends
Hamilton Mountain led with 103 sales, a 27.5 percent increase, while Glanbrook experienced the highest growth rate at 216.7 percent. Despite these gains, inventory levels varied; Flamborough had over six months of supply, while Hamilton Mountain had less than three months. Detached homes commanded the highest prices at $826,700, while apartments averaged $483,202. Von Bredow noted, “While sales are still lower than historical trends, we expect to see changes as the Bank of Canada makes further cuts to interest rates, making purchasing more attainable for hopeful buyers.”
Contact a Sales Representative at Judy Marsales Real Estate Brokerage
This comprehensive report provided key insights into the October 2024 market trends for Hamilton and the broader Cornerstone real estate areas. Whether you're exploring property values, looking to buy your first home, or considering your next move, we hope this guide serves as a valuable resource to help you navigate the current market with confidence.
Questions? We’re Here to Help
If you have questions about the market statistics or want to learn more about how our brokerage services can support you, don’t hesitate to reach out. Our experienced sales representatives are ready to guide you through the Cornerstone real estate landscape, ensuring you make informed decisions at every step.
Stay Connected for the Latest Updates
Follow us on Facebook and Instagram to stay informed about the latest market trends, new listings, and expert advice. Join our community for updates, tips, and insights on navigating Hamilton’s real estate market.
Contact Us Anytime
We’re always here to assist you with your real estate needs. Reach out to one of our offices for personalized support:
Curious About Your Home’s Value?
Get a free estimate with our “What’s My Home Worth” calculator. This quick tool gives you an accurate assessment of your property’s value based on current market conditions.
Looking for More Data?
For a deeper dive into the market, check out the full Hamilton Real Estate Statistics for October 2024. We’re committed to providing you with the information you need to make the best real estate decisions.