Durham Region's Housing Market in 2024: A Buyer's Paradise and Seller's Challenge
In the ever-changing landscape of real estate, predicting the future of housing markets can be as challenging as navigating a maze. For residents and potential homebuyers in our province, the burning question is whether home prices will rise or fall in 2024. Let’s delve into the current trends, expert insights, and market dynamics to shed light on what lies ahead.
National Context
Within the national context, while the US reported a cooling trend in home prices during the first half of 2023, a reversal occurred in the latter part of the year. The post-pandemic turndown seemed to hit a bottom with indications towards a potential rise in home prices. However, the situation can differ significantly from one city to another, and understanding the local dynamics is crucial.
Regional Market Overview
According to a recent report from finance company Freddie Mac, national trends might not fully mirror the local dynamics of the region. The average sale price in Durham decreased by 9.1% between 2022 and 2023 with a simultaneous 16.1% decline in the number of sales. Looking forward, a five per cent decrease in average sales prices is anticipated in 2024, while the number of sales is expected to increase by two per cent. The housing market in Durham is projected to remain a buyer’s market in the coming year.
Top Neighbourhoods and Preferences
In 2024, the top three most desirable neighbourhoods in Durham are expected to be:
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South Pickering;
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Brooklin (Whitby); and
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The Glens (Oshawa).
Single-detached houses and condos are the most popular among first-time homebuyers, particularly in the $600,000 to $900,000 price range. Proximity to amenities, access to public transit, and cost of living are emerging as critical factors influencing homebuying decisions.
Market Dynamics and Expert Insights
Jennifer Pearce, Broker of Record and Owner and RE/MAX Rouge River Realty Ltd., highlights the increase in inventory as a dominant factor in the local housing market. This surplus allows buyers more choices and negotiation opportunities, ultimately favouring them in a period of high interest rates. The market is expected to remain favourable to homebuyers in 2024, leading to increased competition, longer listing durations, and fewer showings for sellers.
Key Trends to Watch
1. Durham to remain a buyer’s market in 2024.
2. Single-detached houses anticipated to experience the most demand.
3. First-time homebuyers eying properties between $600,000 and $900,000.
4. New construction projects seeking contributions to offset increased construction costs.
5. The luxury market attracting move-up buyers in the $3,000,000 to $4,000,000 range.
6. Hesitancy amongst buyers due to Durham’s relatively new pre-construction environment.
As we step into 2024, the Durham housing market appears to be offering opportunities to savvy buyers. The interplay of factors, such as increased inventory, shifting buyer preferences, and the impact of rising interest rates creates a dynamic landscape. Whether you’re considering buying or selling, staying informed about these trends will be essential for making strategic decisions in the local real estate market.
Have questions about the local market or how to go about making your next move?
Text, call, or email me anytime!
PHONE: 647-460-1416
EMAIL: elisha@elishabusbyrealestate.com
REFERENCES
Source for Durham Region Housing Market Data
Original Article: RE/MAX Durham Region Housing Market Outlook
Source for Real Estate Blog Topics in 2024
Original Article: Home-Buying Institute - Best Real Estate Blog Topics