The July 2024 real estate market in the Niagara Region shows a continued shift in dynamics, reflecting a cautious approach from buyers and a slightly cooling market. Here's a breakdown of the key stats and what they mean for you.

Sales Activity

In July 2024, the Niagara Association of REALTORS® recorded 503 residential home sales, a slight decrease from 522 in July 2023. This decline reflects a more selective buyer pool, who are taking their time to make decisions amidst changing economic conditions.

New Listings

There were 1,345 new residential properties listed in July 2024, up from 1,280 in July 2023. This increase in inventory gives buyers more options, but it also means that sellers need to be more competitive with pricing and property presentation.

Home Price Index (HPI)

The overall MLS® HPI composite benchmark price for the Niagara Region in July 2024 was $646,900, a 3.3% decrease from July 2023. This decline is consistent with the trend of buyers being more cautious and selective, leading to more moderate price growth.

Average Days on Market

One of the more telling statistics is the increase in the average days on market, which rose to 42 days in July 2024, up from 32 days in July 2023. This 31.3% increase indicates that properties are taking longer to sell, a sign that the market is cooling off and buyers are in no rush to make quick decisions.

Area Highlights

• Fort Erie: Despite the broader market cooling, Fort Erie saw a slight increase in the HPI, with a benchmark price of $556,500 in July 2024, up from $542,600 in July 2023. This area remains attractive, particularly for those looking for more affordable options.
• Niagara Falls: The benchmark price in Niagara Falls dropped slightly to $642,400, with homes spending an average of 35 days on the market.
• Welland: With a benchmark price of $553,900 and an average of 33 days on the market, Welland remains a solid option for buyers.

What Does This Mean for You?

For buyers, the increase in inventory and longer days on the market mean more options and potentially better deals. For sellers, it’s important to price competitively and ensure your property stands out in a more crowded market.

Stay informed, and if you’re considering buying or selling, now is a great time to consult with a real estate professional to navigate this evolving market.