Brantford Real Estate Market Update: Summer 2024 Recap & Fall Predictions
As we transition into the fall season, it’s time to review the Brantford real estate market’s performance over the summer and what to expect in the coming months. Here’s a breakdown of the latest trends, including key data from August 2024 and predictions for what lies ahead in the fall.
Stable Home Prices, Modest Gains
The median residential resale price in Brantford for August 2024 came in at $610,000, reflecting a 3.4% increase from the previous month. While prices are holding steady, the current median is still down 2.4% year-over-year, which suggests that the market is stabilizing after the fluctuations seen in the past few years. If you purchased a home before 2021, you're likely sitting on a solid amount of equity. However, buyers from 2021 to 2023 may need to review their specific situations to assess their home’s value today.
Slow Sales and Rising Inventory
Demand for homes remains slow, with only 111 transactions in August, a slight increase from July but a 16.7% decrease compared to last year. Year-to-date, 933 homes have been sold, a 12% decrease from 2023, making it the slowest year for home sales in the past decade. This slowdown is largely due to a combination of high prices and elevated interest rates, which have made it more difficult for potential buyers to enter the market. However, with the growing inventory, buyers may soon find more opportunities as prices stabilize and conditions improve.
Market Dynamics by Price Range
The Brantford market is segmented by price point, with most activity happening in homes priced between $500,000 and $700,000. The demand drops significantly for homes priced above $800,000, while properties under $500,000 are rare and highly sought after. If you're selling a home priced under $700,000, you're likely in a seller’s market, where homes move quickly. However, if you're selling a home over $1 million, expect slower market conditions as the buyer’s market dominates that segment. The
Perfect Time to Upgrade?
For homeowners looking to upgrade from mid-tier homes to higher-priced properties, now could be an ideal time. With a seller’s market below $700,000 and a buyer’s market above $1 million, you might find yourself in a favourable position to sell at a premium and purchase at a discount.
What to Expect in the Fall Market
As we head into fall, we typically see both supply and demand drop, leading to fewer homes on the market. However, serious buyers and sellers remain active, which can push prices slightly upward during this time. Additionally, with interest rates slowly decreasing, there may be upward pressure on prices as affordability improves.
Looking Ahead to 2025
As borrowing costs continue to decline, we expect demand to pick up, possibly causing a price spike early in 2025. If inventory remains low through the winter, the pre-spring market could become a hot period for both buyers and sellers.
