As we step into the final quarter of 2024, let’s take a look at how the real estate market is shaping up across the Niagara Region. With average prices, days on market, and inventory shifting, these stats provide insights for both buyers and sellers considering their next move.
Niagara Region Overview
The Niagara Region as a whole has seen a steady increase in home values, with the average sale price now at $695,793, up 2.9% from this time last year. Homes are taking longer to sell, with days on market rising to 42 (up from 35 days last year). However, the region saw a strong uptick in sales volume with 582 properties sold, a significant increase from 405 a year ago. Inventory sits at 5 months, giving buyers a bit more variety to explore while keeping the market competitive.
Spotlight on St. Catharines
In St. Catharines, the average sale price is $648,488, a 4.1% decline year over year. This modest price drop could signal a more balanced market. Days to sell increased to 38 days (up from 31), and sales volume saw a boost with 146 transactions, up from 99 last October. Inventory here is at 4 months, suggesting a more balanced buyer-seller dynamic than other parts of Niagara.
Welland Market Insights
Welland’s real estate market is showing positive movement, with the average sale price rising to $573,171 (a 1.8% increase). Homes in Welland are selling in about 40 days (slightly up from 36), and sales have jumped with 70 transactions, up from 47. With 5 months of inventory, Welland remains a popular choice for buyers looking for a mix of affordability and accessibility.
Fort Erie’s Rising Appeal
Fort Erie is attracting interest from buyers across Ontario, with the average sale price rising to $651,050, marking a 13% increase. Homes are selling slightly faster, taking 51 days on average (down from 52), but sales volume decreased from 63 to 45. With 10 months of inventory, Fort Erie offers plenty of options for buyers seeking more land and square footage. This area, once popular among first-time buyers, is now appealing to upsizers who are looking for a bit more space and value.
Port Colborne Trends
Port Colborne’s average sale price reached $539,397, a 1.1% increase year over year. Homes are taking longer to sell at 47 days (up from 39), but sales have risen with 36 transactions compared to 25 last October. Inventory here is at 6 months, giving buyers a bit more time and flexibility to make decisions.
Niagara Falls: A Balanced Market
Niagara Falls has seen a 3.8% decrease in average sale price, now at $619,406. Homes are on the market longer, averaging 43 days (up from 28), while sales volume is up with 103 transactions (compared to 88 last year). Inventory sits at 5 months, which suggests a more balanced market.
Niagara-on-the-Lake: Luxury Market Snapshot
Niagara-on-the-Lake’s luxury market remains strong with an average sale price of $1,227,042, up 3.7% year over year. Homes are selling slightly slower at 40 days (up from 38), and sales volume decreased from 48 to 24. With 11 months of inventory, Niagara-on-the-Lake offers high-end buyers ample time and choice.
Key Takeaways
Upsizing and Value: Fort Erie is seeing a trend of upsizers looking to maximize their budgets. With higher average sale prices but fewer sales, this area offers great value for those coming from higher-priced cities looking for more space.
Balanced Markets: St. Catharines, Welland, and Niagara Falls are seeing an increase in sales and inventory, which points to a balanced market that’s favorable for both buyers and sellers.
Higher Inventory in Luxury Markets: Areas like Niagara-on-the-Lake are seeing high inventory levels, giving luxury buyers more options and potentially more negotiating power.
What This Means for You
If you’re a buyer, these stats reveal some unique opportunities across Niagara. Areas with higher inventory—like Fort Erie and Niagara-on-the-Lake—can provide a range of options, from starter homes to luxury estates, with more room for negotiation.
For sellers, a slight increase in days on market across most areas doesn’t mean a lack of interest. The boost in sales volume shows that buyers are still active, especially for properties priced strategically.
Whether you're looking to buy, sell, or simply keep a pulse on the Niagara market, we’re here to help you navigate these trends with clarity and confidence.