September 2024 Market Report

Milton, ON, October 9, 2024 – According to figures released October 8 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® increased 2.1 percent for Single Family homes but decreased 3.8 percent for Townhouse/Condo Homes compared to September 2023. Median Sales Price increased 1.3 percent to $1,417,500 for Single Family homes but decreased 3.5 percent to $820,000 for Townhouse/Condo homes. The total number of new property listings decreased 1.9 percent for Single Family homes but increased 9.9 percent for Townhouse/Condo homes compared to this time last year. 

For homes processed through the OMDREB MLS® system, the number of Days on Market increased 34.8 percent for Single Family homes and 81.0 percent for Townhouse/Condo home this September. Year over year, Inventory increased 13.9 percent for Single Family homes and 50.1 percent for Townhouse/Condo homes.

“It has been encouraging to see the Halton Region’s market stability continue throughout the end of summer, marked by the availability of supply, the moderation of average price growth, and interest rate cuts. Even better, this has been the case throughout the housing spectrum, with single family homes, townhomes, and condos all affected by a calming of the market,” says OMDREB President Anthony Danko.

“There are indications that buyers are taking advantage of lower borrowing costs with every rate cut, including first-timers who may have otherwise been priced out of the market up to this point. We should see this trend continue with more affordable mortgage renewals, and a supply inventory that is priced accordingly,” continues Danko.

He adds, “When consumers are ready to buy or sell their home, making an informed choice by using an OMDREB REALTOR® should be a priority.”

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About The Oakville, Milton and District Real Estate Board (OMDREB)

The Oakville, Milton and District Real Estate Board represents 1,800 REALTORS® who serve the communitiesof Oakville, Milton, Halton Hills and the surrounding areas. OMDREB serves its members through a variety of support and services, including professional development, technology, and advocacy.