As we get closer to the holidays, the Niagara real estate market has shown some interesting trends this past month. Prices are up overall compared to this time last year, but homes are taking longer to sell, and some areas are seeing more activity than others. Here's a simple breakdown of what's happening across the region:
Niagara Region Overall
- The average price for a home in Niagara is $681,566, up 4.3% from last year. This means homes are generally worth more now.
- On average, it’s taking 47 days to sell a home, which is 7 days longer than in November 2023.
- There were 523 homes sold this November, slightly more than last year’s 514.
St. Catharines: A Buyer’s Market?
- Prices in St. Catharines dropped slightly by 3.3%, with the average home selling for $583,740.
- It’s taking longer to sell, about 39 days compared to 30 days last year.
- Fewer homes are selling, with 143 sold this year versus 159 last year.
This could be good news for buyers, as there may be more room for negotiation here.
Welland: Staying Strong
- In Welland, prices are up 2.1%, with the average home selling for $561,403.
- Sales activity has increased, with 58 homes sold compared to 47 last year.
- Homes are taking a bit longer to sell, averaging 51 days on the market.
Welland is seeing steady growth, which is a good sign for both buyers and sellers.
Fort Erie: Holding Steady
- Prices in Fort Erie rose by 3%, with homes averaging $589,310.
- Fewer homes sold this November (41 compared to 50 last year), and it’s taking about 51 days to sell, up slightly from last year.
The market here is consistent but a bit slower.
Niagara Falls: Leading the Way
- Niagara Falls saw the biggest price jump, with a 6.44% increase. The average home price is now $654,219.
- It’s taking 41 days to sell a home, slightly longer than last year.
- Fewer homes were sold (96 this year compared to 106 last year), but the strong price growth shows demand is still high.
This is the hottest market in the region right now.
What’s Next?
As we head into the holiday season, here’s what to expect:
- Slower Activity: December and January usually see fewer sales, so it’s a great time for buyers to find motivated sellers.
- More Time to Decide: Homes are taking longer to sell across most areas, giving buyers a bit more breathing room.
- Opportunities in St. Catharines: Prices have dropped here, which might make it a good place to shop for deals.
Overall, Niagara’s market is in a solid place, with steady price growth in most areas. Whether you’re buying or selling, now’s the time to plan your next move before the spring market heats up.
Got questions about how these changes affect you? Let’s chat — we’re here to help you make the most of the market!