Oakville Housing Market Update: November 2024 Surprises!
By Cory Martin, Martin Group
The November 2024 housing market stats for Oakville are in, and there are some interesting developments! Here's a breakdown of the latest data to help you make informed decisions, whether you're buying or selling. But first, let's talk about why choosing the right real estate team matters in this dynamic market.
At Martin Group, we pride ourselves on delivering exceptional service and expert guidance every step of the way. Our knowledgeable agents possess in-depth market insights and a client-centric approach, ensuring your needs are always prioritized. We're committed to making your real estate journey a seamless process, from initial consultation to closing day.
Here's what our clients say:
"I was so impressed with the professionalism and quick responses from the Martin Group. They made selling our home stress-free!" - John S.
"The Martin Group's expert guidance was invaluable. They helped us navigate a complex market and find our dream home. Highly recommended!" - Sarah L.
Now, let's dive into the November market trends:
Bungalows:
- Prices dipped 2.6% in November, despite gains last month.
- Remain up by 2.1% year-over-year.
- Days on market: 40 days.
Two-Storey Detached:
- Prices gained 2.7% in November - the first increase since May 2024!
- Up 1.4% year-over-year.
- Days on market: 35 days.
- Moving towards a balanced market with a 23% absorption rate.
Townhomes:
- Entered a balanced market with a 30% absorption rate.
- Prices dipped -0.9% in November.
- Year-over-year prices are up 5.4%.
- Days on market: 35 days.
- Price dip likely due to motivated sellers and typical end-of-fall market trends.
Apartments:
- Continue to flatline, dipping -0.2% last month.
- Remain down 3.7% year-over-year.
- Absorption rate: 12% - a buyer's market.
- Days on market: 47 days.
Important Notes:
- These stats represent four segments of the market and can vary significantly based on price point, community, and property upgrades.
- For a personalized valuation or market discussion, don't hesitate to contact us!
We're always available for a no-cost, no-obligation consultation.
Call Martin Group at (905) 338-2083.
Frequently Asked Questions
How did Oakville bungalows perform in November 2024?
Prices dipped 2.6% for the month despite gains the previous month, though they remained up 2.1% year over year. Days on market averaged 40.
What happened to two-storey detached homes?
They gained 2.7% — the first monthly increase since May 2024 — finishing up 1.4% year over year at 35 days on market, with a 23% absorption rate moving toward balanced.
How did townhomes perform?
Townhomes entered a balanced market at a 30% absorption rate. Prices dipped 0.9% for the month but were up 5.4% year over year, at 35 days on market.
Why did townhome prices dip in a balanced market?
Motivated sellers and typical end-of-fall seasonality. A monthly dip alongside a 5.4% annual gain and rising absorption is a seasonal pattern, not a trend reversal.
What was happening with apartments?
Continued flatlining — down 0.2% for the month and 3.7% year over year, with a 12% absorption rate and 47 days on market. Firmly a buyer's market.
Are these figures current?
No — this covers November 2024. For a personalized valuation or current market discussion, call Martin Group at (905) 338-2083 for a no-cost, no-obligation consultation.
