As part of Martin Group's commitment to keeping you informed, here is your August 2024 housing market update for Oakville.
- Softening Trend Continues: The market remained subdued over the summer, and August was no exception. We observed a 2.5% decline in detached home prices and a 1.6% decrease for apartments and townhomes.
- Year-Over-Year Declines: Detached homes are now down 5.5% year-over-year, while apartments and townhomes have seen decreases between 4.5% and 4.8%.
Why the Softening Despite Lower Rates?
Many sellers this summer prioritized securing a sale before buying their next home. This led to more homes on the market but fewer buyers, putting downward pressure on prices.
Fall Outlook - Signs of Hope
- Increased Activity: As we head into the fall market, we're already seeing a promising uptick in showings and online interest.
- Impact of Lower Rates: The recent interest rate decreases should help affordability and create a more balanced market. We're hopeful that home prices may be nearing their bottom.
If you would like to discuss the housing market stats in greater detail and understand how they will impact your real estate goals, please contact Martin Group at 289-778-3852.
