Milton's Real Estate Landscape in November 2024
November 2024 Real Estate Update: Milton Area Insights
As 2024 draws to a close, Milton’s real estate market experienced a notable surge in home sales compared to the same time last year. Lower borrowing costs and improved market conditions allowed many buyers to seize new opportunities, fuelling increased activity across the region.
Home Sales on the Rise
Milton REALTORS® reported 150 home sales through TRREB’s MLS® System in November 2024—a significant 51.52per cent jump from the 99 sales recorded in November 2023. This remarkable growth highlights renewed buyer confidence driven by a more affordable lending environment.
Increased Listings, Tightened Market
While new listings rose to 281—a year-over-year increase of 28.32 per cent—the pace of listings still lagged behind surging buyer demand. This created tighter market conditions, leading to upward pressure on home prices compared to last year.
Detached Homes
November 2024
New Listings: 120
Average Sales Price: $1,441,381
Number Sold: 67
Days on Market: 33
Semi-detached Homes
November 2024
New Listings: 34
Average Sales Price: $1,017,025
Number Sold: 20
Days on Market: 16
Townhomes
November 2024
New Listings: 63
Average Sales Price: $885,726
Number Sold: 39
Days on Market: 21
Condo Townhomes
November 2024
New Listings: 25
Average Sales Price: $719,571
Number Sold: 7
Days on Market: 47
Expert Insights on the Market Outlook
"As we approach the end of 2024, I am pleased to report an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs," said TRREB President Jennifer Pearce. "With selling prices still below their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025."
Detached Homes Lead Price Growth
TRREB Chief Market Analyst Jason Mercer emphasized the tightening conditions in the single-family home segment:
“Market conditions have tightened, particularly for single-family homes. The detached market segment experienced average annual price growth above the rate of inflation, particularly in the City of Toronto.”
Meanwhile, condominium apartment prices remained lower than last year, providing buyers with a range of options and greater negotiating power. As borrowing costs continue to decrease, more renters are expected to transition into homeownership.
What’s Next for the Rental Market?
With population growth driving housing demand, the rental market is expected to stay relatively well-supplied as some renters move into homeownership. However, addressing the backlog of cases at the Landlord and Tenant Board (LTB) could further stabilize the rental market.
“Reforming the LTB to make it faster and fairer will go a long way in getting more individuals and families into homes they can afford,” said TRREB CEO John DiMichele.
Milton’s housing market is showing strong signs of recovery, setting the stage for an active 2025. Buyers, sellers, and investors should prepare for continued opportunities as market dynamics evolve in the months ahead.
At Flowers Team Real Estate, we are dedicated to helping our clients navigate Milton’s vibrant real estate market with confidence. In a constantly changing real estate landscape, staying informed is essential for making smart decisions. Whether you're a first-time homebuyer, a real estate investor, or preparing to sell, our team provides the expertise and personalized support you need to achieve your real estate goals.
Contact Flowers Team Real Estate at [email protected] for expert guidance and insights into the Milton real estate market. Let us help you make your next move seamless, informed, and rewarding.
Disclaimer: Data and insights are based on TRREB's statistics for November 2024. Real estate market conditions can vary, so consult a professional real estate agent for advice tailored to your unique needs.
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