As 2024 comes to a close, the real estate market in Burlington and Oakville has ended on a positive note, with many signs indicating a rebound for the coming year. While there were some differences between the two markets, both regions showed signs of improvement. Here’s a breakdown of the 2024 performance and what we can expect in 2025.
Burlington: A Strong Year for Home Values
In Burlington, 2024 proved to be a year of growth. Detached home prices finished at an average of $1,426,538, marking a 2% increase compared to 2023. Townhouses and condos also had a positive showing, though the gains were more modest. The average townhouse price hovered around $853,099, staying flat from the previous year. Condos saw a slight uptick, with an increase of 0.8%, ending the year at $621,062.
The overall sales in Burlington were strong as well, with 2,327 homes sold in 2024, up 1% from 2023. It’s reassuring to see such positive numbers after a challenging few years in the market. For homeowners in Burlington, this trend has translated to an increase in home values, creating a favorable environment for both buyers and sellers.
Oakville: A More Challenging Year
On the other hand, Oakville’s market faced some challenges in 2024. Detached homes saw a 3.6% decline, with the average price finishing at $1,877,967. Similarly, townhouse prices dropped by 5.4%, with an average price of $1,000,118, and condos experienced a 3.6% decrease as well.
While Oakville didn’t see the same growth as Burlington, it’s important to note that the market has been adjusting, and this may actually be a sign of a more balanced, fair market going forward. Sometimes, a bit of a cooling period is necessary to reset expectations and bring long-term stability.
Inventory & Market Conditions
One of the key factors that shaped the market in 2024 was inventory levels. Throughout the year, we saw extreme highsin available listings, which impacted the days on market and, in some cases, led to homes being sold below market value. However, over the past few months, we’ve noticed a drop in new listings, and as inventory begins to tighten, it’s likely that we’ll see slightly higher home values in the near future.
We’ve been in a Buyer’s market since 2023, but with falling inventory and lower interest rates, we’re on track for a more balanced market in 2025. The decrease in new listings and the drop in interest rates will create opportunities for buyers to step into a more stable market, while sellers will benefit from improved conditions as inventory tightens and demand rises.
Home Value Appreciation: A Look at Long-Term Gains
For homeowners who’ve owned their property for at least five years, the outlook has been positive. Oakville and Burlington have both seen impressive appreciation rates, ranging from 23% to 47%, depending on the area and property type. This long-term growth has been a major plus for those who have invested in these communities over the years.
Looking Ahead: What to Expect in 2025
Looking toward 2025, the outlook for both Burlington and Oakville is generally positive, though with more moderate growth expected.
Burlington is likely to see home prices increase by 2% to 4% in 2025. Given the decrease in inventory and interest rates, we may see these numbers rise slightly higher, but the market will likely remain stable, rather than experiencing a sharp surge.
Oakville is predicted to see more modest gains, with home prices increasing by 1% to 3%. This will be a welcomed shift after a year of declines, as the market continues to stabilize and find its balance.
Overall, 2025 should be a year of rebound, bringing confidence to both buyers and sellers. It’s not going to be a year of explosive growth, but a steadier, healthier market—one that feels much more sustainable in the long term.
Final Thoughts
In conclusion, while 2024 had its ups and downs, both Burlington and Oakville are heading in the right direction. For those who are looking to buy or sell in 2025, the market promises to be more balanced, with a slight upward trend in prices and increased stability. If you’ve owned your home for five years or more, it’s been a positive ride, with substantial appreciation.
As always, keep a close eye on interest rates, inventory levels, and market trends, and feel free to reach out if you’d like advice or more information about buying or selling in 2025. The market is moving in the right direction, and there are great opportunities for those who are prepared to take action!
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